UAE's ruler imposes 20% annual tax on foreign banks in Dubai, exempts DIFC institutions
MG News | March 08, 2024 at 12:07 PM GMT+05:00
March 08, 2024 (MLN): UAE's ruler and Vice President of Dubai Mohammed bin Rashid Al Maktoum on Thursday imposed an annual tax of 20% on all foreign banks operating in the emirate, except those in the Dubai International Finance Centre.
The respective law focuses on ensuring transparency, providing a structure from net profit calculation to filing tax returns and other payment manners.
Furthermore, the law also highlights the rights of the entity on which it is applied, as banks have provisions for objections with Dubai’s Department of Finance, ensuring a fair and equitable process.
In case of any violations, the amount of penalties being imposed will not exceed Dh500,000, but if the contravention is repeated within 2 years, the fine would be doubled to Dh1 million.
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