Oman imposes 15% tax on multinationals

• Corporate tax to rise
• UAE plans increase
• Bahrain introduces DMTT

Oman will impose a minimum top-up tax (DMTT) of 15 percent on multinational companies from January 1, according to a royal decree published by the Oman News Agency.

The tax will apply to multinationals with consolidated annual revenue of OR300 million ($779.2 million), a tax official told the Reuters news agency.

Last month the UAE’s finance ministry said it would increase corporate tax on large multi-national enterprises to 15 percent from January 1, from the current 9 percent of their profits in the Emirates.

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The UAE’s DMTT will apply to multinational enterprises with consolidated global revenues of $793 million or more in at least two of the four financial years immediately preceding the financial year in which the tax applies.

Bahrain said in September that it would also introduce DMTT from January 1, 2025, on large multi-nationals.

However, Oman decided to put its plan to introduce personal income tax for high earners on hold following a meeting of the sultanate’s State Council last month.

Under the initial draft bill, first introduced in 2022, foreign nationals in Oman who earn over $100,000 would be taxed between 5 and 9 percent from 2026. Omani citizens would be taxed 5 percent on global income exceeding $1 million.