CBFS holds seminar on VAT and WHT

MUSCAT: The College of Banking and Financial Studies (CBFS) recently held a Seminar on Value Added Tax (VAT) and Withholding Tax (WHT) at its premises in Baushar. The programme was organised in collaboration with Price Waterhouse Coopers (PWC) Oman. The speakers were Kanval Ashar, Pradeep Thakkar and Balqees al Yahmadi, all from PWC Oman. The focus of the seminar was on the current status of VAT in the GCC and Oman, background & key features of VAT, common VAT issues in the financial services sector, background and scope of WHT, application and practical considerations of WHT. The sessions encompassed the key topics of Introduction to VAT, VAT principles, VAT compliance considerations, basic concepts of WHT and ‘specified payments’, WHT scope and compliance, double tax treaties and practical aspects. Dr Nasser bin Rashid al Maawali, Dean, CBFS, “The College is grateful to PWC Oman for its support to this seminar, which is part of an ongoing series of initiatives of the College for industry and community engagement and local capacity building. During the academic year 2018-19, the College offered about 200 training courses attended by about 3500 participants. We look forward to continuing our partnership with the banking and financial sector to accelerate the skills development process of the country”.