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MUSCAT: Oman is presently learning varied plans to introduce an revenue tax on excessive earners, the nation’s Minister of Finance has confirmed on Wednesday.
His Excellency Sultan bin Salem Al Habsi, nonetheless, didn’t reveal the date of implantation however mentioned such a step would assist the social safety system. “We’re presently learning imposing an revenue tax on high-income earners with the intention to assist the social safety system. After we are prepared, will probably be introduced in due time,” Al Habsi mentioned throughout a media briefing.
The dialogue about imposing revenue tax on high-earners first got here in November 2020 when the Finance Ministry mentioned in its 2020-2024 mid-term financial plan that it’s planning to impose an revenue tax on excessive earners.
“At that time of time Covid-19 was at its peak and the economic system was hit resulting from low oil costs however we’re seeing a much-improved scenario now within the nation however revenue tax on excessive earners will definitely do good to the social safety plans,” mentioned an official on the Ministry of Finance chatting with The Arabian Tales.
Oil costs have reached their highest ranges since 2008 lately in response to the Russian invasion of Ukraine, briefly buying and selling above $100 a barrel from March 2022 onwards. In the meantime, the state’s normal price range by the top of 2021 achieved a rise in precise revenues by 26.9%.
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