Oman has announced that, starting January 1, 2025, a 15% corporate tax will be applied to multinational companies with annual revenues exceeding OMR 300 million. This move aligns with the Gulf Cooperation Council (GCC) nations’ broader tax reforms.
Details on Domestic Minimum Top-Up Tax (DMTT)
The 15% Domestic Minimum Top-Up Tax (DMTT) will be levied on multinational corporations with aggregated annual revenues exceeding OMR 300 million (equivalent to $779.2 million). This measure is part of Oman’s strategy to adapt to global financial regulations and strengthen its tax base.
Delay in Personal Income Tax Implementation in Oman
Oman has deferred the planned introduction of personal income tax for high-income individuals, which was initially scheduled for 2026. This decision follows discussions at the recent State Council meeting.
In Line with GCC Tax Reforms
This reform is part of a larger regional initiative, with similar measures being implemented in the UAE and Bahrain, aimed at diversifying revenue streams and reducing reliance on oil income.
Sources:
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