Tax on property income in Oman
Taxation Researcher | November 08, 2020
INDIVIDUAL TAXATION
There are no personal income taxes in Oman.
INCOME TAX
Nonresidents earning trade or business income exceeding OMR30,000 (US$60,000) are taxed at a flat rate of 12%.
INCOME TAX 2016 |
|
| TAXABLE INCOME, OMR (US$) | |
| Up to 30,000 (US$60,000) | |
| Over 30,000 (US$60,000) | 15% on all income over US$60,000 |
| Source: Global Property Guide | |
INCOME TAX 2015 |
|
| TAXABLE INCOME, OMR (US$) | |
| Up to 30,000 (US$60,000) | |
| Over 30,000 (US$60,000) | 12% on all income over US$60,000 |
| Source: Global Property Guide | |
RENTAL INCOME
Rental income is taxed at a flat rate of 3%, payable by the landlord. Income-generating expenses are deductible from rental income only if the rental agreement is registered with the government authority.
CAPITAL GAINS
There are also no taxes levied on capital gains realized by individuals, unless it is derived from a business or professional activity.
Capital gains derived from a business or professional activity are subject to income tax at 15%.
PROPERTY TAX
There are no property taxes in Oman.
CORPORATE TAXATION
INCOME TAX
Companies earning income and capital gains are liable to corporate income tax at a flat rate of 15%. Income-generating expenses are deductible when calculating the taxable income.