Tax Authority and Bank Muscat organize seminar on Value Added Tax

Tax Authority and Bank Muscat organize seminar on Value Added Tax

The Oman Tax Authority and Bank Muscat organized a seminar on Value Added Tax (VAT) to raise the awareness of corporates and entrepreneurs on the VAT regulations and liabilities. The seminar encompasses a number of topics, most prominently; the concept of VAT, tax rates, taxable registrants, input tax calculations, tax return, tax payment method, tax records and books, in addition to tax refund and deferral of payment of tax. The seminar also witnessed a remarkable interaction where the attendees ' queries were answered. The attendees were informed about tax laws and the most important electronic services that allow taxable entities process their transactions and submit returns on the specified dates.

Specialists from the Authority stressed the importance of raising tax awareness among the institutional and corporate sector of tax laws and introducing them to the most important developments of tax legislation. They explained the importance of submitting tax returns on time through the electronic portal of the Authority, where most of the services are available online to make it easier for the taxable institutions complete their tax transactions from their place in Oman.

On the occasion, Ibrahim bin Khamis Al Balushi, Senior Assistant General Manager, SMEs, Bank Muscat, said: “Bank Muscat attaches