Muscat: Aiming to enhance awareness of institutional and corporate customers on various business developments, Oman Tax authority (OTA) and Bank Muscat organized a seminar on Value Added Tax (VAT) for the Bank's corporate and SMEs customers in Wilayat of Sohar, Al Batinah North governorate. The seminar comes as part of a series of introductory sessions organized by the two institutions in various governorates in order to enhance customers knowledge on the tax procedures in the Sultanate, its application and taxable categories, raise awareness about VAT and encourage taxpayers to fulfill their tax obligations
The seminar included extensive discussions, exchange of ideas and experiences and also presentations showing various experiences about the latest practices in the sector in general and the banking sector in particular. It discussed tax rates, tax fundamentals, related businesses, excluded commodities, included services and goods, tax returns and others. Besides, it touched upon input tax, the importance of the tax return, tax payment method and the importance of keeping tax records. The seminar also included a session to raise awareness on the suite of Transaction Banking and Trade Corporate solutions available digitally for payments, collections, receivables, liquidity management, account management and much more.
Specialists from the Tax Authority confirmed that the Authority seeks to update its electronic services to keep pace with the digital development and accelerate electronic connectivity with various institutions in the Sultanate. OTA works to implement an electronic billing system, aiming to reduce operational costs, improve financial flow, and minimize the risks of fraud and errors such as tax evasion.
On the occasion, Ibrahim bin Khamis Al Balushi, Senior Assistant General Manager, SMEs, Bank Muscat, extended thanks to the Tax Authority for their partnership and interest in organizing such important seminars which target customers from different governorates. He added: “Recently, we organized a seminar also on VAT at the Head Office of Bank Muscat, Airport Heights, which was attended by the Bank’s SMEs customers in Muscat Governorate. This seminar witnessed a great turnout and encompassed discussions contributed to enhancing awareness among these companies on the importance of VAT and its requirements”.
Al Balushi explained that Bank Muscat attaches great importance to such activities to align with the continuous changes in the market and keep its customers well-informed about the banking sector updates at the local and international levels. “These meets are very beneficial to exchange ideas and suggestions related to economic trends and business assumptions. We will continue to organize such momentous events targeting customers from various governorates, It is planned that we will have another seminar on VAT for our customers in Salalah during the coming period” he added.
In July 2021, the Bank partnered with leading full-service audit, tax and business advisory firm, Morison Muscat Charted Accountants, to help Bank Muscat and Meethaq SME customers comply with the Value Added Tax. In the same year, the Bank dedicated a special desk in the Head Office to provide consultancy services on VAT for its corporate customers and entrepreneurs. This comes as part of the Bank’s endeavour to organize workshops and seminars with the aim to exchange knowledge and experiences in businesses in general and banking sector in particular. Over the past period, it organized many VAT related initiatives, provided consultations and technical support.