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Times of Oman
24-06-2025
- Business
- Times of Oman
State Council discusses diversification of sources of income, fiscal sustainability challenges
Muscat: The State Council Office on Tuesday held its 6th meeting of the 2nd regular sitting during the eighth term. The meeting was chaired by Sheikh Abdulmalik bin Abdullah Al Khalili, Chairman of the State Council. The State Council Office hosted members of the special committee formed to study "Mechanism for diversifying sources of income in the Sultanate of Oman." The committee was entrusted with identifying the challenges posed to financial sustainability and diversification of sources of income, with the aim of finding solutions and achieving the desired progress in income diversification and financial sustainability. The committee was also tasked to submit proposals to support the stability of public finance in the 11th Five-Year Plan, including legislation and governance.
Reuters
23-06-2025
- Business
- Reuters
Oman moves to become first Gulf state to impose personal income tax
DUBAI, June 23 (Reuters) - Oman issued a royal decree to become the first country in the Gulf to impose a personal income tax, its tax authority said on Sunday, as the small oil producer works to diversify its revenue stream. Oman, among the smaller Gulf economies, launched a medium-term fiscal programme in 2020 to reduce public debt, diversify revenue sources, and spur economic growth, which has improved public finances. Oman, which still remains largely reliant on oil revenue, will impose a 5% tax on taxable income for individuals earning over 42,000 Omani rials ($109,091) per year starting from 2028, according to the decree. "The law also includes deductions and exemptions that take into account the social situation in the Sultanate of Oman, such as education, healthcare, inheritance, zakat, donations, primary housing," the country's tax authority said in a statement. The Gulf country added that the tax would apply to about 1% of the population. ($1 = 0.3850 Omani rials)
Bloomberg
16-05-2025
- Business
- Bloomberg
Untouched Muni Tax Perk Eases Urge to Flood the Market
Municipal bond investors likely felt relief this week when a draft tax bill didn't erase the all-important tax exemption, but that respite may cool this year's market for state and local governments seeking cash. Most muni bonds pay interest that's exempt from federal taxes, a perk that entices investors without raising an issuer's borrowing costs. Public finance groups had feared the removal of the exemption would be looked at as a way to help fund President Donald Trump's tax cuts, but with the pressure off for now, Barclays municipal strategist Mikhail Foux said municipalities may push back plans for bond sales.
