Tax rate in Oman is lowest in world

Muscat, The Gulf Observer: The Sultanate of Oman is among the countries with the least tax burden in the world, according to the Global Tax Index for the year 2023.

Oman has been ranked among the countries in the world with least tax burden, according to the Global Tax Index 2023, prepared by the American World Publication Review website.

The Sultanate, along with Bermuda, the Cayman Islands, the Bahamas, the Sultanate of Brunei Darussalam, Bahrain, Qatar, Kuwait and the United Arab Emirates, came as the countries with the lowest rate of taxation.

According to the index, the income tax rate in the Sultanate of Oman is zero percent, the sales tax rate is five percent, and the tax on corporate profits is 15 percent.

Côte d’Ivoire (Ivory Coast) was ranked first in the world in terms of tax burden, with an income tax rate of 60 percent, followed by Finland, then Japan and Austria, followed by Denmark and Sweden.

He pointed out that tax rates and regulations vary greatly from country to country, and even within different parts of the same country. For example, most US states impose some form of income tax, but the income tax rate in one state may range from One percent to 13.3percent. %.

On Monday, October 12, 2020, Sultan of Oman Haitham bin Tarik issued a royal decree issuing a Five percent value-added tax law on goods and services, making the Sultanate the fourth Gulf country to apply the tax since its implementation in January 2018.