Muscat: The State Council convened today to deliberate on the draft of the “Individual Income Tax Law.”
The meeting, presided over by Sheikh Abdulmalik Abdullah Al Khalili, Chairman of the Council, took place during the 3rd session of the 2nd regular sitting of the State Council’s 8th Term.
Al Khalili noted that the draft law was submitted by the Council of Ministers, in line with Article 49 of the Council of Oman Law.
During the discussion on the Individual Income Tax bill, the Economic and Financial Committee of the State Council highlighted that the proposed law aims to diversify income sources, reduce reliance on oil, and promote wealth redistribution among various societal groups. Additionally, the law is intended to strengthen the government's capacity to fund the Social Protection System and address income tax evasion by companies and enterprises, as stated by the committee.
The committee resolved to further examine the draft law to evaluate its potential positive and negative effects upon implementation.
