Cash-strapped Oman to break Gulf's income tax taboo to curb deficit

To levy income tax on high earners starting 2022

Cash-strapped Oman plans to take a step unheard of in the Persian Gulf region: It’s going to start taxing the income of wealthy individuals beginning in 2022, as part of a broader program to tackle a budget deficit that’s ballooned due to low oil prices and the coronavirus pandemic.
 

By reducing government spending while spurring investments, the plan is projected to bring the budget deficit — estimated to reach nearly 19 per cent of gross domestic product in 2020 by the International Monetary Fund — to 1.7 per cent by 2024, the Ministry of Finance said in an emailed statement