Oman Becomes First Gulf Country To Introduce Personal Income Tax

Non-OPEC oil producer Oman, which is part of the OPEC+ alliance, could become the first country in the Gulf Cooperation Council (GCC) to introduce an income tax on individuals as oil-dependent economies in the Middle East reel from the price and demand crash. Oman plans to introduce in 2022 a personal income tax on wealthy individuals, its finance ministry said on Sunday, as carried by Reuters. The Middle Eastern oil producer heavily depends on oil income for its budget and has been one of the most affected economies in the region after prices…