QNB Offers U Turn Tax Refund service to Corporate Customers

Posted on : Thu, 01 Dec 2011

Doha, 4 December 2011- As part of its continuous efforts to provide customers with the latest and most convenient products and services, Qatar National Bank (QNB) offers its corporate customers the U Turn Tax Refund (UTTR) service.

QNB and U Turn signed an agreement where U Turn would provide Tax refund services to QNB corporate customers. Tax refund can be claimed on business expenses paid in cash or with QNB corporate credit card. 

Claiming a (Value Added Tax) VAT REFUND on business expenses is normally a very complicated and time consuming process. U Turn handles the entire process from beginning to end, offering a market leading service designed to simplify the whole process of VAT recovery for companies.

QNB Corporate Customers can save money on their Business travel Expenses by registering for the UTTR service. This includes a dedicated account manager and free consultations and advice to maximize a company’s VAT claim. U Turn will deal directly with suppliers and each relevant tax Authority on behalf of the company.

QNB Corporate customers will benefit from VAT refund after return to Doha from their business trip, minimize their foreign business travel cost, reduce impact on company resources, no charges will be made if the claim was unsuccessful (No Refund= No Fee) and VAT refund can be claimed for up to 18 months backwards.

QNB Corporate customers will have to Complete and return a Registration Form provided by UTTR together with all credit card or cash invoices on which the company has incurred VAT, Obtain a company Certificate of Status and Submit all original documents to UTTR. On receipt a dedicated account manager will contact the company to commence the VAT reclaim process.

U Turn have an office in Doha that can enroll customers into the program and handle their claims.

This is not the first Time QNB offers such service to its corporate customers. In addition to its traditional corporate banking services such as short and medium term advances, contract guarantees, letters of credit and Treasury products QNB provides a full range of banking services; including project finance, syndications, trade finance, retail and cash management.