Oman Income Tax Calculator 2024 - The Next Gen Business

Overview of Oman Salary Calculator

Oman doesn’t have personal income or wealth taxes. The only major tax is a 3% charge on buying real estate.

Effortlessly calculate your income taxes and relevant social security contributions using our Oman salary calculator.

Calculate Your Oman Salary After Taxes

To use the Oman income tax calculator, simply input your gross income and income type to begin.

Notice: This calculator currently computes Personal Income Tax (PIT) and all necessary social security contributions.

Convert Your Salary To OMR

TaxAssist+ from The Next Gen Business is a tax calculation tool, tailored to use each country’s local currency for precision and simplicity.

To fully utilize this feature, please convert your native currency into OMR, ensuring accurate and efficient tax computations.

📌 What Is the Average Salary in Oman?

In Oman, the average monthly salary is about 1,803 OMR, with around 38% of the population earning this figure.

Muscat’s OMR 1,400 monthly brings a modern metropolis experience, while Salalah’s OMR 900 monthly offers a slower pace and stunning coastal beauty. Sur’s OMR 1,100 monthly attracts oil industry professionals with its strategic location.

📌 What Is the Minimum Wage in Oman?

Oman’s minimum wage is set at RO 225 (USD 592) per month, with an additional RO 100 (USD 263) allowance, applicable only to Omani citizens.

📌 What Are The Types of Taxes in Oman?

Oman has no personal income tax for its residents.

Corporations in this country are not subject to a standard corporate tax.

No VAT or similar sales taxes are imposed.

References

➤ View References

PricewaterhouseCoopers: taxsummaries.pwc.com

Trading Economics: tradingeconomics.com/country-list/social-security-rate

KPMG: kpmg.com/sg/en/home/services/tax/tax-tools-and-resources.html

OECD.Stat: stats.oecd.org/index.aspx?DataSetCode=TABLE_I5

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TaxAssist+ by The Next Gen Business: Advanced Income Tax and Contribution Calculations for the 2024/25 Tax Year

TaxAssist+ streamlines the complexity of income tax calculations by accurately considering not only your gross income and the nature of your income (e.g., self-employed, traditional employment), but also essential deductions and contributions. This tool is designed to provide a comprehensive assessment of your tax obligations, including income taxes and social security contributions.

Step-by-Step Calculation Process:

Computing Gross Income and Adjustments: We start by calculating your gross income, taking into account the type of income you earn. This is crucial in determining the subsequent steps and applicable rules in the calculation process.
Determining Taxable Income: After identifying the gross income, TaxAssist+ calculates your taxable income. This involves adjusting your gross income with allowable deductions, considering factors unique to your income type. This step is pivotal in ensuring an accurate basis for tax calculation.
Incorporating Income Taxes and Social Security Contributions: Our sophisticated algorithm then calculates your income tax liabilities and social security contributions, if applicable. This integration is a key differentiator, as it provides a more comprehensive overview of your total tax obligations.

TaxAssist+ ensures a thorough and accurate estimated tax calculation, providing you with clear insights into your financial obligations and aiding in effective financial planning.

Update Schedule: TaxAssist+ continuously monitors for amendments to tax rates and regulations, ensuring that our calculators remains current for the current tax year.

Customer Support: For any comments or inquiries, we encourage you to reach out directly to our support team via our contact page.

Step 1

Our international research professionals meticulously compile and scrutinize the latest tax laws and regulations to ensure foundational accuracy.

Antonio Garcia

Macroeconomics Research Expert

Step 2

A dedicated team of independent fact-checkers rigorously reviews and authenticates the compiled data for integrity and compliance.

Fact-checked

By independent fact-checkers

Step 3

Our tech team then integrates these verified updates into the TaxAssist+ calculators, ensuring they reflect the most current tax rates.

Liam Hollis

Product & IT Lead at TNGB Research