Oman - Individual - Taxes on personal income (2024)

FAQs

Is there personal income tax in Oman? ›

There is no personal Tax in Oman. There structure of TIN may differ depending on type of taxes. For the VAT and Excise Tax, the TIN consists of 12 alphabetic- numeric characters. However, for entities TIN number is only in numeric sequence and currently is up to seven-digit sequence.

The individual income tax (or personal income tax) is a tax levied on the wages, salaries, dividends, interest, and other income a person earns throughout the year. The tax is generally imposed by the state in which the income is earned.

If you make 16,000 OMR a year living in Oman, you will be taxed 1,280 OMR. That means that your net pay will be 14,720 OMR per year, or 1,227 OMR per month. Your average tax rate is 8.0% and your marginal tax rate is 8.0%.

For individual income an average tax rate is total taxes paid divided by income. A single taxpayer with $45,000 in gross income pays approximately $3,700 in income taxes. This results in an average rate of 8.2 percent.

Currently, Non-resident individuals would be liable to income tax at the rate of 15% if they carry on commercial, industrial or professional activities in Oman.

As of recent reports, the average salary in Oman offers a diverse picture, influenced by factors such as the level of education, experience, industry, and job role. The average monthly salary in Oman for a worker varies, but it typically ranges from 450 OMR (Omani Rial) to 2,200 OMR per month.

Income tax is used to fund public services, pay government obligations, and provide goods for citizens. The federal government and many states, as well as local jurisdictions, levy their own income taxes. Personal income tax is a type of income tax levied on an individual's wages, salaries, and other types of income.

For individual filers, calculating federal taxable income starts by taking all income minus “above the line” deductions and exemptions, like certain retirement plan contributions, higher education expenses, student loan interest, and alimony payments, among others.

The new rule now allows expats to bring their families to Oman if they earn a minimum monthly wage of RO150, down from the previous requirement of RO350 per month.

Compared to other Middle Eastern countries, the standard of living in Oman is relatively high. Thanks to their generally price-indexed incomes, expatriates based in Oman can enjoy a high quality of life.

What is the tax year in Oman? ›

The tax year is the calendar year. Assessments can be made on the basis of a year-end other than 31 December, provided permission is granted in advance by the OTA and the company then adheres to the year-end on a consistent basis. The first tax year of a taxpayer can be up to a period of 18 months.

Tax Shares in Tax Year 2021

The newly released report covers Tax Year 2021 (for tax forms filed in 2022). The newest data reveals that the top 1 percent of earners, defined as those with incomes over $682,577, paid nearly 46 percent of all income taxes – marking the highest level in the available data.

Ivory Coast. The country with beach resorts, rainforests, and a French-colonial legacy levies a massive 60% personal income tax – the highest in the world.

What is the average tax refund for a single person making $100,000? According to an analysis done by Lending Tree, the average tax refund for a person making between $100,000 and $199,999 is $4,436.

The tax system in Qatar is territorial, which means that you are taxable simply if you make money in the country, regardless of your tax residence. However, with no personal income tax, no inheritance tax, no VAT, and no property tax, Qatar has relatively few taxes to pay.

There are four operational free zones in Oman at the northern industrial city of Sohar, next to the southern port of Salalah, at Duqm in the central coastal area and at Mazunah, close to the Yemen border.

Oman is generally considered a safe country for expats. The crime rate is relatively low, especially when compared to larger international cities, however, like anywhere in the world, it's important to stay aware and take basic safety precautions.