The Sultanate’s plans to impose an income tax on high income earners aim to support its approach on reduceing dependence on oil and other hydrocarbon products as main sources of state revenue, CNN affirmed in a report.

CNN explained that the revenues of this type of tax will be directed to finance a number of social programs.

The US network said that this step is part of the axes of the fiscal balance plan that the country aims to implement in 2020-2024. The plan is represented in supporting economic growth, revitalizing and diversifying sources of government revenue, rationalizing and boosting the competence of government spending, enhancing the social security scheme, and upgrading the competence of public finance.ONA