Bank Muscat launches new CSR initiative to support SME customers

by | Jul 26, 2021 | 0 comments

MUSCAT – Bank Muscat, in line with its vision ‘To serve you better, everyday’, and commitment to supporting the Small and Medium-sized Enterprises (SME) sector in Oman, has signed an agreement with Morison Muscat Charted Accountants, a leading full service audit, tax and business advisory firm, headquartered in Oman.

The agreement will help Bank Muscat and Meethaq SME customers comply with the recently introduced Value Added Tax (VAT). It was signed by Ahmed Faqir Al Balushi, Chief Corporate Banking Officer, Bank Muscat and Nasser Abdullah Al Khamisi, Founder and Country Partner, Morison Muscat at the bank’s Head Office, in the presence of Ibrahim Khamis Al Balushi, Assistant General Manager – Small & Medium Enterprises, Bank Muscat.

VAT has been introduced for the first time in Oman and is a new concept for local businesses. As part of the bank’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 Charted Accountants 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 the bank’s 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. SME applicants can register for these free services through and submitting their CR copy, National ID Card and bank account details.

Speaking about the importance of this step, Ahmed Faqir Al Balushi, Chief Corporate Banking Officer, Bank Muscat, said: “The bank is focused on strategic initiatives that complement and add value to our country’s progress and development in close alignment with the national objective of stimulating an entrepreneurial mind-set. 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 measures, which can further boost the role of SMEs in alignment with the landmark Oman Vision 2040.”

Nasser Abdullah Al Khamisi, Founder and Country Partner, Morison Muscat, said: “Bank Muscat’s initiative to provide VAT support to SMEs is one of its kinds 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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