Gulf countries: This country of West Asia has announced to impose income tax for the first time

The Gulf countries have leveraged their economies with crude oil and attracted significant investment from around the world. However, now the situation seems to be changing, and the Gulf countries also want to reduce their economies' dependence on oil, and Oman has taken the initiative in this direction. For the first time in the Gulf countries, Oman has decided to impose income tax on its citizens. According to the Oman government's announcement, a five percent income tax will be levied starting from 2028.

However, Oman will now collect income tax only from those citizens who have an annual income of $ 1,09,000 or above. Therefore, income tax will now only be collected from one percent of the citizens of Oman. An official statement to this effect was released by the government of Oman on Sunday. However, as of now, there is no clear indication on whether other Gulf nations, except Oman, are also thinking of taxing their citizens or not. The International Monetary Fund (IMF) too had anticipated that Gulf nations would now collect taxes from their citizens to diversify their source of revenue within the next few years.

There is no tax in Gulf countries yet, due to which people from all over the world were attracted to these countries and invested in them. Oman's Finance Minister said that due to fluctuations in the global energy market, Oman has decided to reduce its revenue dependence on oil. Currently, 85 percent of Oman's total revenue comes from the sale of oil and gas. Oman was considering imposing income tax on citizens for a long time. In the year 2020, Oman also made many changes in its economy, including a reduction in debt on public debt and promotion of economic growth. Oman is making these changes under its 2040 vision. The government of Oman wants to make the economy of its country's economy technology-based.