Bank muscat SAOG : Customers hail free VAT Registration and Advisory services by Bank Muscat

The free VAT Registration and Advisory desk at Bank Muscat's Head Office has been well received by the bank's many SME customers who have been making use of the facility. Earlier 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 newly introduced Value Added Tax (VAT).

As part of the bank's continuous support to its Small and Medium Enterprises (SME) customers and in order to help them navigate and adapt to this taxation concept, which is new for many local business, particularly those from the SME sector, the following services are being provided free of charge for a limited period of time - VAT Registration with the Tax Authority and one-to-one advisory on VAT queries. Customers who would like to register or utilise these services are requested to register at the following link with a copy of their CR, National ID Card and bank account details: https://mmjs.typeform.com/to/rbxiWqHt.

Thanking the bank for the excellent support to the SME sector, Qais Bin Said Al Saidi, Owner, Luluwat Al Afrad Modern Trading & Contracting said: "We are very happy to receive this timely support from the largest financial services provider in Oman. Many SMEs do not have access to these kind of resources like big corporates, and hence find it very helpful when their bank offers assistance, which helps them ensure that their business is tax compliant. We thank Bank Muscat for continuing to support SMEs with innovative financial and non-financial services and for guiding us in a fast-changing and dynamic environment."

Nasser Hamed Al Jabri of Diamond Root Trading said: "We thank Bank Muscat for offering this VAT registration and advisory service free of charge to SMEs like ours. The importance of the bank's continuous support in the backdrop of the government's top priority to develop the SME sector in Oman cannot be emphasised enough. Being a pioneer of corporate social responsibility in Oman, Bank Muscat has always supported the sector with many financial and non-financial services so as to help it grow to its full potential."

Bank Muscat continues to come up with new initiatives on a regular basis to build up the SME sector which has been identified as an essential part of the Omani economy. It is expected that the bank's vast portfolio of SME customers will be able to leverage this new initiative for ensuring that they are compliant with the laws and regulations in the Sultanate of Oman. This will help further strengthen the SME-sector in the country and also lead to more development and job opportunities for Omani youth.