Latest news with #SaidMohammedAlSaqri
Times of Oman
15-07-2025
- Business
- Times of Oman
National Defence College celebrates graduation of 12th cohort
Muscat: The Academy for Strategic and Defence Studies on Tuesday celebrated the graduation of the 12th cohort of the National Defence College. The cohort included senior officers from the Sultan's Armed Forces (SAF) and other military and security units, alongside officials from various ministries, authorities, government institutions, and civil entities. The ceremony was held under the patronage of Dr. Said Mohammed Al Saqri, Minister of Economy, and was attended by Major General Hamid Ahmed Sakroon, Chairman of the Academy for Strategic and Defence Studies. During the event, a visual presentation highlighted the course's comprehensive curriculum, practical applications, relevant study visits, and lectures and seminars delivered by specialists and decision-makers. Following the presentation, the Minister of Economy distributed certificates to the graduating participants. The graduation ceremony saw the attendance of several official, commanders of the Sultan's Armed Forces and military and security units, members of the State Council, senior officers from the Sultan's Armed Forces and other military and security units, a gathering of retired senior officers, and members of the college's steering committee.
Gulf Insider
26-06-2025
- Business
- Gulf Insider
Oman Announces 5% Income Tax: Everything You Need to Know
Oman will introduce the Gulf region's first personal income tax on high earners starting January 1, 2028, marking a historic shift in its fiscal strategy. The personal income tax (PIT) for high earners marks a major shift in Oman's fiscal policy as part of the broader Vision 2040 agenda to diversify national income and ensure long-term financial sustainability. The Personal Income Tax Law, issued by Royal Decree No. 56/2025, comprises 76 articles across 16 chapters. It imposes a 5 per cent tax on the taxable income of individuals whose gross annual income exceeds OR42,000 ($109,100), derived from income categories defined in the legislation. The law will officially come into force at the start of 2028. Effective Date: January 2028 Threshold: Income above OR42,000 ($109,100) annually Tax Rate: 5 per cent Exemptions: 99 per cent of citizens, plus deductions for key social needs Purpose: Fiscal sustainability, economic diversification, social equity Impact: Minimal GDP effect, no expected impact on foreign investment Dr. Said Mohammed Al Saqri, Minister of Economy, said: 'The tax serves as a new revenue stream to diversify public income sources and mitigate risks associated with reliance on oil as the primary revenue source. 'It will help maintain current levels of social and service spending while preserving Oman's achievements in financial and economic stability under 'Oman Vision 2040' and its first executive phase, the Tenth Five-Year Plan (2021-2025).' According to Oman's Tax Authority, the exemption threshold was determined after a comprehensive economic and social impact study based on income data from multiple government bodies. As a result, approximately 99 per cent of Omani citizens will not be affected by the tax. To address social equity, the law includes deductions for education, healthcare, housing, zakat, donations, and inheritance, among others. Karima Mubarak Al Saadi, Director of the Personal Income Tax Project, confirmed that all necessary preparations and requirements for implementing the tax have been completed. The Tax Authority confirmed the development of a digital tax declaration system integrated with other government entities to promote voluntary compliance. The executive regulations of the law will be issued within one year of its publication in the Official Gazette. Currently, 68 per cent to 85 per cent of Oman's income is derived from oil and gas, depending on global prices. While prices have been favourable recently, the government warns of long-term volatility. The PIT law seeks to secure sustainable funding and mitigate reliance on hydrocarbons. Dr. Said Mohammed Al Saqri, explained that the (PIT) is a fiscal tool adopted by most countries worldwide as a key revenue source to fund state-provided services. More than 190 countries impose this tax, and in many, income taxes constitute the largest component of total tax revenues at federal and local levels, financing public goods and services. He noted that implementing the tax in Oman will yield significant economic benefits, supporting income diversification strategies and long-term fiscal stability as a pillar of economic growth. He added that the foreign investment is expected to remain unaffected, as the tax applies to individuals—not corporate entities—and Oman's rates remain competitive globally, the minister concluded. The 2025 national budget allocates more than OR5bn ($13bn) to essential services: Education: 39 per cent Healthcare: 24 per cent Social Protection: 28 per cent The Social Protection Fund currently supports over 2 million beneficiaries monthly, with PIT revenue expected to further strengthen the program. Also read: Oman Expands Plastic Bag Ban To Retail And Food Sectors In Third Phase Of National Plan
Gulf Insider
23-06-2025
- Business
- Gulf Insider
Oman Personal Income Tax: Key FAQs, Exemptions, Calculations Explained
Oman will roll out personal income tax in 2028, it announced on Sunday, marking a historic policy shift aimed at fiscal diversification and economic sustainability under Vision 2040. Here are some FAQs: The Personal Income Tax Law will be implemented on January 1, 2028. The tax rate has been set at 5 percent. No, the tax will only apply to individuals earning over OMR 42,000 annually. This implies that approximately 99 percent of Oman's population will not be affected, according to the country's tax authority. Several exemptions have been listed. These include: Exemption for income earned outside Oman for a period of two years one time. Exemption for income from the sale of a primary residence. One-time exemption for income from the sale of a secondary residence. Exemption for inherited income and gifts. Exemption for income from industrial property right for five years from the date of registration. Deduction for interest on financing the construction or purchase of a primary residence (one time only). Deduction of zakat, charitable donations and endowments (waqf). Deduction for education and healthcare expenses. Gross income: This includes all cash amounts and in-kind benefits received by the individual. Net income: A fixed amount of OMR 42,000 is deducted from the annual gross income. Taxable income: Exemptions, deductible expenses, and losses are subtracted from the gross income. Tax due: Taxable income multiplied by tax rate (5 percent). The personal income tax is a crucial step towards enhancing financial stability and completing the sultanate's fiscal sustainability framework. Dr. Said Mohammed Al Saqri, Oman's minister of economy, said: 'The tax serves as a new revenue stream to diversify public income sources and mitigate risks associated with reliance on oil as the primary revenue source. It will help maintain current levels of social and service spending while preserving Oman's achievements in financial and economic stability under 'Oman Vision 2040' and its first executive phase, the Tenth Five-Year Plan (2021-2025).' The latest move complements Oman's long-term fiscal consolidation strategy and aims to increase non-oil revenues to 15 percent of GDP by 2030 and 18 percent by 2040. Oil and gas revenues account for 68 percent to 85 percent of Oman's total public income, depending on global energy prices. While oil prices have stabilized at favorable levels in recent years, they remain volatile, the minister said. Oman has managed additional oil revenues by reducing public debt to safe GDP ratios, increasing investment and social spending, and subsidizing essential goods and services, he added.
Times of Oman
07-04-2025
- Business
- Times of Oman
Oman participates in Arab Ministerial Meeting in Cairo
Cairo: The Sultanate of Oman on Monday took part in the ministerial meeting of the Arab Economic and Social Council's extraordinary session. The Council is currently convening in Cairo as part of preparations for the 5th session of the Arab Development Summit scheduled to be held in the Republic of Iraq on 17 May 2025 in conjunction with the 34th regular session of the Arab Summit. The Sultanate of Oman's delegation was headed by Dr. Said Mohammed Al Saqri, Minister of Economy. The meeting discussed ways of finalizing the requirements of the Greater Arab Free Trade Zone and the Arab Customs Union. The meeting addressed issues of economic sustainability. It discussed the need to update the Arab Water Security Strategy (aimed to address the challenges of resource scarcity) and the Arab Strategy for Manpower Development and Employment, which seeks to keep pace with economic and technological transitions. The meeting also reviewed the Arab Vision 2045, which constitutes a roadmap for future development in the Arab world.
Times of Oman
16-02-2025
- Business
- Times of Oman
Meeting held to assess preparations for 11th Five Year Development Plan
Muscat: The Supervisory Committee of the 11th Five-Year Development Plan (2026-2030) today held its 2nd meeting of the year (2025) in Muscat. The meeting, aimed to follow up and assess the development plan's course of action, was chaired by Dr. Said Mohammed Al Saqri, Minister of Economy, Head of the committee. The committee reviewed the plan's current standing, which reflected good progress in its preparation, thanks to the efforts undertaken by 14 central teams comprising 281 members from 100 government and private entities, civil society institutions and individuals. The teams worked in accordance with a prescheduled timetable covering three basic stages: (1) Analysing the current situation; (2) Identifying the challenges and (3) Devising strategic programmes in line with the goals of Oman Vision 2024. In its discussion of priorities of the 11th Five Year Plan within the context of Oman Vision 2024, the committee laid emphasis on enhancing the growth of projects that are expected to provide greater added value to the national economy and generate more employment opportunities for Omani citizens The committee discussed the latest developments in preparing the plan's financial and economic framework, as well as future approaches and practical steps to ensure the compilation of a comprehensive development plan. The committee also stressed the importance of integration among various sectors to ensure realization of sustainable development in line with the goals of Oman Vision 2040.
