Bank Muscat launches new initiative to support SME customers on VAT

VAT has been introduced for the first time in Oman and is a new concept for local businesses

  
Vat Text With Coins And Calculator On Table Against White Background. Image used for illustrative purpose.

Vat Text With Coins And Calculator On Table Against White Background. Image used for illustrative purpose.

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Bank Muscat has signed an agreement with Morison Muscat Charted Accountants, a leading full service audit, tax and business advisory firm in Oman. The agreement will help Bank Muscat and Meethaq SME customers comply with the recently introduced value added tax (VAT).

The agreement was signed by Ahmed Faqir al Balushi, chief corporate banking officer at Bank Muscat, and Nasser Abdullah al Khamisi, founder and country partner of Morison Muscat.

VAT has been introduced for the first time in Oman and is a new concept for local businesses.

As part of Bank Muscat’s continuous support to its SME customers and in order to help them navigate and adapt to this new change, the tie-up with Morison Muscat will provide the following services free of charge: VAT registration with the Tax Authority and one-to-one advisory on VAT queries.

A service desk will be available at Bank Muscat head-office to receive VAT applications from SME customers, while tax experts from Morison Muscat will provide clarifications to customers through email, phone or virtual meetings.

Balushi said, “The signing of this agreement with Morison Muscat will further support SMEs in the sultanate. The bank is committed to working hand-in-hand with the government and its partners in line with its role in supporting the national economy and putting in place those measure, which can further boost the role of SMEs in alignment with the landmark Oman Vision 2040.”

Khamisi said, “Bank Muscat’s initiative to provide VAT support to SMEs is one of its kind in the region and it will immensely benefit businesses in their VAT journey and in nation-building. Morison Muscat is glad to be a part of this noble initiative.”

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