Oman introduces the Gulf's first income tax
CNBC · New
CNBC
New
Monica Mailk, chief economist at Abu Dhabi Commercial Bank, talks about the economic impact of Oman's income tax. She says it's a slow start, but a symbolic development to add to government revenue.
BreakdownGenerated by LeadStory AI
- Oman introduces the Gulf's first income tax with a narrow base, mainly affecting expatriates. 12s
- Most Omani citizens will not be required to pay the new income tax. 21s
- The tax is part of a broader trend of increasing fiscal reforms in the region, including VAT and excise taxes. 43s
- Analysts suggest the tax could shift the Gulf's traditional social contract by increasing public interest in government spending. 1m 7s
- The measure aims to support spending in social sectors such as healthcare, education, and welfare. 2m 16s