Oman's Shura Council approved a new draft law for the introduction of a personal income tax on 27 June 2024, which has been forwarded to the State Council for approval. The draft law reportedly provides for the taxation of foreign nationals on income derived from Oman that exceeds USD 100,000 and for the taxation of resident citizens on net worldwide income exceeding USD 1 million. For foreign nationals, tax rates of 5% to 9% would apply, while for residents a flat 5% rate would apply. The ex…