Latest news with #OfficialGazette
Ammon
16 hours ago
- Politics
- Ammon
Princess Basma appointed Chairperson of Women's Committee Board
Ammon News - A Royal Decree published in the Official Gazette on Tuesday appointed Her Royal Highness Princess Basma bint Talal as Chairperson of the Board of Trustees of the National Committee for Women, effective June 23. The appointment was made in accordance with Article 5/A/1 of the National Committee for Women's Affairs Law of 2025.
Observer
2 days ago
- Business
- Observer
11 income sources subject to new individual income tax
Muscat: The Official Gazette (Issue No. 1602) released on Monday has outlined key details of the new Individual Income Tax Law under Royal Decree No. 56/2025. While the law itself will come into effect on January 1, 2028, attention is now shifting to the practical implications — particularly the 11 sources of income that will be subject to taxation under the new framework. These categories, as defined in the law, form the basis for determining a person's gross income, with net earnings exceeding OMR 42,000 annually being taxable. Here's a breakdown of the income streams covered: 11 Taxable Sources of Income Under the Law 1. Salaries and Wages Includes basic pay, allowances, bonuses, in-kind benefits, and compensation for loss of income. Pensions are excluded. 2. Self-Employment Covers income from freelance or independent work. A 15% deduction applies for related expenses. 3. Leasing Earnings from renting real estate, equipment, or other assets. Also eligible for a 15% cost deduction. 4. Royalties Income from licensing or exploiting intellectual property, technical knowledge, or industrial equipment. 5. Interest Income from bank deposits, savings accounts, loans, and investment certificates. 6. Dividends and Capital Gains Includes profits from shares, bonds, sukuk, and disposal of these financial instruments. 7. Real Estate Asset Disposal Profits from selling properties are taxable, with exemptions for primary and secondary residences if declared to the Tax Authority. Transfers through inheritance, wills, or between spouses and first-degree relatives are not taxed. 8. Retirement Pensions and End-of-Service Benefits Includes all such payouts received by individuals, unless already excluded by a specific provision. 9. Awards and Prizes Monetary or in-kind winnings from licensed competitions, draws, or promotions. 10. Grants and Donations Any non-employment-related financial or in-kind gifts received from individuals or institutions. 11. Membership Rewards Payments for serving on boards or councils, including State Council, Shura Council, municipal councils, or boards of companies and associations. The law also provides specific exemptions and deductions for education, healthcare expenses, housing loans, and certain donations, allowing for a more balanced tax burden.
Observer
4 days ago
- Politics
- Observer
Royal Decree establishes embassy for Oman in Romania
Muscat: His Majesty Sultan Haitham bin Tarik today issued Royal Decree (No 59/2025) on establishing an embassy for the Sultanate of Oman in Romania. Article (1) states that an embassy for the Sultanate of Oman shall be established in Romania. Article (2) says that this decree shall be published in the Official Gazette and enforced from its date of issue.
Daily Tribune
25-06-2025
- Business
- Daily Tribune
New parking space size rules
Parking spaces in Bahrain face tougher sizing rules under newly published regulations from the Ministry of Housing and Urban Planning. The guidelines, introduced by the Minister, Her Excellency Amna bint Ahmed Al Romaihi, and now released in the Official Gazette, will enforce minimum dimensions for vehicle spaces across residential, commercial and heritage areas. Residential and office spaces meant for longer stays must now measure at least 2.5 metres wide and 5.5 metres long. For busier spots like shopping centres, clinics, or leisure venues, where parking is shorter and frequent, the minimum width increases slightly to 2.7 metres, with length remaining at 5.5 metres. Both perpendicular and angled bays will need to follow these new dimensions. Parking spaces along roadsides will need a width of at least 2.2 metres and a length of 6.0 metres. These roadside spots will have to meet detailed designs laid out in a forthcoming manual from the Urban Planning and Development Authority. The rules also change how developers measure building sizes when calculating required parking.
Canada News.Net
23-06-2025
- Business
- Canada News.Net
Oman to introduce first income tax for high earners from January 2028
New Delhi [India], June 23 (ANI): It is for the first time that Oman has announced the introduction of personal income tax on high-income individuals effective January 2028. According to a report by Gulf News, high earners in the country will have to pay a personal income tax of 5 per cent effective 1st January 2028, as the Sultanate advances fiscal reforms under Vision 2040. The move is a major step under the Vision 2040 plan, which aims to diversify the economy and reduce reliance on oil revenues. The main goals of the tax are to boost non-oil revenues, improve fiscal stability, and strengthen Oman's credit ratings. The government aims to raise the share of non-oil revenue to 18 per cent of the country's GDP by 2040. According to the Tax Authority, this high exemption limit means that about 99 per cent of Oman's population will not be affected by the tax. The revenue from the new tax will also support social protection programs, including welfare and public new law, issued under Royal Decree No. 56/2025 by Sultan Haitham bin Tarik, will impose a 5 per cent tax on individuals earning more than OMR (Omani Rial) 42,000 per year. The income tax law is made up of 76 articles across 16 chapters and includes clear guidelines on which types of income will be taxed. It also provides social exemptions for essential expenses such as education, housing, healthcare, zakat, and donations, ensuring fairness and protecting low- and middle-income earners. To prepare for the rollout, Oman is developing a modern electronic tax system that will link government databases to ensure accurate income reporting and encourage voluntary compliance. The executive regulations for the new law will be issued within a year of its publication in the Official Gazette. Karima Mubarak Al Saadi, Director of the Personal Income Tax Project, noted, 'Training, infrastructure, and legal frameworks are already in place. Educational guides for individuals and businesses will be rolled out in phases ahead of the law's implementation.' In 2024, Oman collected OMR 1.4 billion from corporate, VAT, and selective taxes. The new personal income tax is expected to further strengthen Oman's financial position and make the country more attractive to international investors. This landmark move follows a broader trend in the Gulf region, where several countries are working to build more sustainable and diverse economies by reducing their dependence on oil income. (ANI)
