Muscat: Individuals receiving salaries below OMR 2,500 per month or OMR 30,000 annually will be exempted from income tax, as per the Chairman of the Economic and Financial Committee at the Al Shura Council.
"In the context of the income tax initiative, the tax will be levied on individuals whose annual income surpasses OMR 30,000," stated Ahmed Al Sharqi, Chairman of the Economic and Financial Committee at the Al Shura Council.
Al Sharqi further explained that in the discussion surrounding the "Individual Income Tax," the committee meticulously reviewed the draft legislation, evaluating its advantages and disadvantages, and deliberated on the feasibility of its implementation, considering the significant portion of the population currently exempt from this tax.
"We have made over 29 amendments to the draft Individual Income Tax Law, conducting a thorough analysis of the potential impact of this law and the prevailing economic conditions," Al Sharqi concluded.
