Oman

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About

Oman

Capital
Official languages
Population
Currency

ISO 4217

Muscat

Arabic

4,424,762 (as of July 2020)

Rial Omani

OMR

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Economy

Oman is a small country located in the Middle East, and it has a strong and growing economy. According to the World Bank, Oman’s GDP in 2019 was $86.2 billion, a 4.2% increase from 2018. The country’s GDP per capita was $19,845, which is higher than the average for the Middle East and North Africa region. Oman’s economy is largely driven by oil and gas production, which accounted for around 70% of the country’s total exports in 2019. The government has also been investing in other sectors such as tourism, manufacturing, and financial services, which have helped to diversify the economy. The unemployment rate in Oman is low, at just 2.2%, and the inflation rate is also low, at 1.2%. The country has a strong banking sector, with a total of 18 commercial banks operating in the country. Oman also has a strong credit rating, with Moody’s rating the country at A1. Overall, Oman has a strong and growing economy, and it is well-positioned to continue to grow in the future.

Taxation

In Oman, there is no personal income tax, but there are several types of taxes applicable to companies and businesses, including corporate income tax, withholding tax, social insurance contributions, and a few others.

The corporate income tax rate is a flat 15%, and it is levied on the profits earned by businesses operating in Oman. Withholding tax is applicable on certain payments, such as dividends, interest, and royalties, made by businesses to non-residents at a rate of 10%. Social insurance contributions are mandatory for both employers and employees and are calculated as a percentage of the employee's salary.

The tax year in Oman is the calendar year, and the tax return for corporate income tax must be filed within three months from the end of the tax year. The tax year for social insurance contributions is the same as the calendar year, and the contributions must be paid monthly within 10 days from the end of the month to which they relate.

In Oman, businesses must register for taxation with the Tax Authority, which is responsible for collecting taxes and ensuring compliance with tax laws. Businesses must keep proper accounting records and submit annual audited financial statements, along with the tax return, to the Tax Authority. The Tax Authority may conduct tax audits to ensure compliance with tax laws and regulations.

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