Bank Muscat And Tax Authority continue educating corporate customers in Salalah about VAT

Bank Muscat And Tax Authority continue educating corporate customers in Salalah about VAT

Muscat: Bank Muscat- the leading financial service provider in the Sultanate - and Oman Tax Authority (OTA), held a seminar to educate corporate and SMEs customers in Salalah, Dhofar Governorate about Value Added Tax (VAT).

The seminar comes within a sequence of educational sessions held by both institutions to familiarize customers with tax procedures, improve their understanding of its application and taxable categories, promote awareness about VAT, and motivate taxpayers to meet their tax responsibilities.

Recently, the Bank and OTA have been hosting comparable seminars for corporate customers in Sohar, Batinah North, and also for customers in the Muscat Governorate, focusing on illuminating VAT and its basics in Oman.

The seminar was attended by officials from the Authority, Bank Muscat and a group of companies’ representatives and entrepreneurs. The participants exchanged ideas and presented various experiences related to the latest practices in the financial sector in general and the banking sector in particular

The seminar addressed a number of issues like 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