Oman, 1 July, 2024 : In a significant legislative development, Majlis A’Shura approved the draft law on Personal Income Tax and forwarded it to the State Council on Thursday, thereby completing the legislative cycle of the bill.
This crucial decision was unveiled during the 12th regular session of the Shura’s first annual convening of 2023-2024, held under the chairmanship of H.E. Khalid Hilal al Maawali, Chairman of Majlis A’Shura.
The session addressed various important topics, including a comprehensive report filed by the committee tasked with education, research, and innovation, focusing on efforts to promote vocational and technical education. Additionally, discussions included proposals for establishing a wholesale market in Suhar and considerations regarding the recovery of VAT (value-added tax) levied against a beneficiary’s first residential property.
Legislative Process for Personal Income Tax :
- After Shura Council approval, the draft law is reviewed by the State Council.
- A joint committee may be formed to reconcile differences between the councils.
- The final version is forwarded to His Majesty the Sultan for approval.
- Upon royal approval, the law is published in the Official Gazette and implemented with specific guidelines.
Tax Reform Context :
- The introduction of Personal Income Tax follows the implementation of Value Added Tax (VAT) in April 2021.
- These measures are part of Oman's efforts to generate government revenue.
Source : www.muscatdaily.com
