17:42 - 23.06.2025

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June 23, Fineko/abc.az. For the first time, Oman will impose profit tax to be paid only by 1% of the wealthiest citizens earning more than $109,000 a year (approx. 42,000 local riyals).

ABC.AZ informs that the tax rate will be 5%.

The main goal of this step is to reduce budget's dependence on oil revenues and establish new sources of financing without scaring off wealthy foreigners who often move to the country. Oman has already sold some state-owned companies to achieve this goal.