MUSCAT — Oman is planning to introduce an income tax on high earners in 2022, the Ministry of Finance said in the mid-term fiscal plan 2020-2024 report. The move is part of a broader program to tackle a budget deficit that"s ballooned due to low oil prices and the coronavirus pandemic. By taxing the rich, the government is aiming to increase its revenues to 12.1 billion Omani riyals ($31.5 billion approximately) with total spending of 12.6 billion Omani riyals by the end of 2024. Some details of the plan were disclosed in a bond prospectus last month but without a date for the implementation of the income tax. Revenues from the tax would be used to fund social programs, the plan said. “This initiative is still under study, all aspects of its application are being considered. It is expected to apply this tax in 2022,” according to the 2020-2024 medium-term fiscal plan document. — Agencies