The Tax Authority of Oman has published an Executive Regulation in relation to VAT implementation. With regard to banking, the regulation provides guidance on how to apply VAT in respect to financial services and transactions.

Consequently, a standard rate of 5% VAT will automatically apply to all charges and fees for Bank Nizwa banking products and services. The Schedule of Charges of Bank Nizwa will change shortly to reflect this. Please note that VAT may be applicable to Contracts or Agreements that have been signed prior to 16 April 2021.

If you have not registered yet, please visit the Tax Authority portal to know more about the registration process, https://tms.taxoman.gov.om/portal/web/taxportal/vat-tax. After completing tax registration process share your VAT Registration details and email address with your Relationship Manager or Home Branch.

If you are a Bank Nizwa Corporate Banking client and already registered with the Tax Authority, you are requested to share your VAT Registration details and email address with your Relationship Manager or Home Branch.

For account related queries you can contact your Relationship Manager, visit any Bank Nizwa Branch or log into Corporate Internet Banking.