CREDIT FACILITIES AGREEMENT – GENERAL TERMS AND CONDITIONS
Effective from 16 April 2021, the following language is hereby incorporated and deemed as an integral part of your Credit Facilities Agreement – General Terms and Conditions with Oman Arab Bank SAOG by virtue of Article 20.2 thereof:
- In Article 2 (DEFINITIONS), the following is hereby added:
“Oman VAT Law” shall mean any Royal Decrees, Ministerial Decisions and official rules and regulations issued by any competent official authority in the Sultanate of Oman that are imposing or relating to the imposition or administration of a value added tax or goods and services tax in the Sultanate of Oman and any regulation made under the aforementioned rules and regulations.
“VAT” shall mean value added tax, goods or services tax or any similar tax imposed in accordance with the provisions of the Oman VAT law.
- An Article 22 (TAX-RELATED MATTERS), is hereby added as follows:
Unless herein stated to the contrary, and otherwise provided in this Agreement, any amounts payable by the Customer under this Agreement shall be exclusive of any taxes including by way of example VAT.
Where VAT is payable by the Customer under this agreement, the consideration – notwithstanding the definition of “consideration” in Oman VAT Law – for the services and/or transactions contemplated under this Agreement (VAT exclusive) shall be increased by an amount equal to the amount of VAT applicable at the prevailing rate according to the applicable Oman VAT Law at the time the services and/or transactions are supplied and/or consummated.
Any amounts of VAT due to OAB from the Customer under this Agreement shall be payable within thirty (30) days from the earliest of the date of the VAT invoice or of the supply and/or consummation of the services and/or transactions contemplated under this Agreement.
The remaining terms and conditions shall remain unchanged.
Hamida Al Balushi
Head of Credit Administration Department
For Oman Arab Bank SAOG