New Delhi, June 23 -- It is for the first time that Oman has announced the introduction of personal income tax on high-income individuals effective January 2028.

According to a report by Gulf News, high earners in the country will have to pay a personal income tax of 5 per cent effective 1st January 2028, as the Sultanate advances fiscal reforms under Vision 2040.

The move is a major step under the Vision 2040 plan, which aims to diversify the economy and reduce reliance on oil revenues.

The main goals of the tax are to boost non-oil revenues, improve fiscal stability, and strengthen Oman's credit ratings. The government aims to raise the share of non-oil revenue to 18 per cent of the country's GDP by 2040.

According to the Tax Author...