CNN: Fiscal balance plan aims to support economic diversification

Washington: The US Cable News Network (CNN) said the Sultanate’s trend to impose income tax on individuals with high income, targets to reduce its reliance on oil and other hydrocarbon products as major sources of the state’s revenue.

In its report, CNN noted that the decision is still under study and will be enforced in 2022, adding that the revenues from income tax will be allocated to financing a number of social programmes.

CNN said the step is part of a medium-term fiscal balance plan that the Sultanate targets to implement from 2020 to 2024. The plan aims to support economic growth and diversify the sources of the government’s revenues. It also aims to rationalize and uplift the efficiency of the government spending and improve the public financial management. — ONA

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