State Council discusses draft law on individual income tax

Muscat: The State Council today held a meeting during which it discussed the draft version of the “Individual Income Tax Law”.

Held under the auspices of Sheikh Abdulmalik Abdullah Al Khalili, Chairman of the Council, the meeting was convened as part of the 3rd session of the 2nd regular sitting of the State Council’s 8th Term.

Al Khalili said that the draft version of the “Individual Income Tax Law” was referred by the Council of Ministers, in accordance with the provisions of Article 49 of the Council of Oman Law.

In its discussion of the Individual Income Tax bill of law, the State Council's Economic and Financial Committee indicated that the law seeks to diversify sources of income, diminish dependence on oil and redistribute wealth among segments of society. The law also seeks to enhance the government's ability to finance the Social Protection System and combat the evasion of income tax on companies and enterprises, the committee added.

The committee decided to study the draft law with the aim of assessing its expected positive and negative impacts of the tax’s implementation.