Like neighboring Middle Eastern countries, Oman derives the majority of its revenue from crude oil.
In the first half of last year, Oman's oil revenue, which accounts for nearly 70 percent of its total revenue, rose 30 percent to $13.7 billion from the same period in 2011, according to government statistics. Although, there is no individual income or capital gains taxes in Oman, citizens must contribute 6.5 percent of their monthly salary for social security benefits. A stamp duty of 3 percent is also charged on the purchase of property.
Despite its oil wealth, Oman has been rocked by a series of protests by residents demanding jobs and employment benefits since 2011. There's growing resentment in the country over the jobs offered to foreigners which account for about 40 percent of the population. In January, the government asked its departments to review policies on hiring foreign workers and assess which sectors should focus on employing Omani nationals, Reuters reported.
Pictured: Muscat, Oman.