UAE’s ruler imposes 20% annual tax on foreign banks in Dubai, exempts DIFC institutions

12:10
March 8, 2024

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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Posted on: 2024-03-08T12:07:23+05:00

FOREX

EQUITY

COMMODITIES

FOREX

PairID	Symbol	Bid	Ask	High	Low	Update
1	PKR	278.00000	278.25000	278.25000	278.00000	02:02 PM
2	EUR	1.08424	1.08429	1.08429	1.08424	10:26 PM
3	GBP	1.26446	1.26455	1.26455	1.26446	10:26 PM
4	CHF	0.89957	0.89965	0.89965	0.89957	10:26 PM
5	JPY	151.31600	151.32100	151.32100	151.31600	10:26 PM
6	CAD	1.35730	1.35780	1.35780	1.35730	10:26 PM
7	AUD	0.65502	0.65508	0.65508	0.65502	10:26 PM
8	INR	83.37130	83.37180	83.37180	83.37130	10:26 PM
9	SAR	3.75030	3.75050	3.75050	3.75030	07:25 AM
10	AED	3.67220	3.67240	3.67240	3.67220	07:25 AM
11	HKD	7.82206	7.82218	7.82218	7.82206	10:26 PM
12	CNH	7.24522	7.24541	7.24541	7.24522	10:26 PM
13	CNY	7.21020	7.21220	7.21220	7.21020	08:26 PM
14	THB	36.37700	36.38600	36.38600	36.37700	10:26 PM
15	MYR	4.71700	4.72200	4.72200	4.71700	10:04 PM
16	IDR	15,791.50000	15,795.10000	15,795.10000	15,791.50000	10:26 PM
17	SGD	1.34436	1.34443	1.34443	1.34436	10:26 PM
18	NZD	0.60109	0.60115	0.60115	0.60109	10:26 PM
19	MXN	16.65410	16.68410	16.68410	16.65410	10:26 PM
20	TRY	32.17090	32.17880	32.17879	32.17088	10:26 PM
21	SEK	10.56380	10.56710	10.56713	10.56382	10:26 PM
22	ZAR	18.85080	18.88080	18.88080	18.85080	10:26 PM
23	NOK	10.69760	10.70120	10.70117	10.69757	10:26 PM
24	DKK	6.87689	6.87786	6.87786	6.87689	10:26 PM
25	ARS	856.25000	856.25800	856.25809	856.24979	10:25 PM
26	BDT	107.97400	111.29500	111.29509	107.97423	10:00 PM
27	BHD	0.37640	0.37700	0.37700	0.37640	04:45 AM
28	BRL	4.97240	4.97540	4.97540	4.97240	10:25 PM
29	KRW	1,336.78000	1,338.78000	1,338.78000	1,336.78000	10:26 PM
30	KWD	0.30764	0.30774	0.30774	0.30764	07:24 AM
31	LKR	298.70300	305.16000	305.16042	298.70298	10:00 PM
32	OMR	0.38497	0.38500	0.38500	0.38497	04:41 AM
33	QAR	3.64500	3.64900	3.64900	3.64500	07:26 AM
34	RUB	92.47500	92.49500	92.49500	92.47500	08:00 PM
35	AFN	70.29290	72.13790	72.13789	70.29293	10:00 PM
36	AZN	1.70000	1.70000	1.70000	1.70000	05:13 AM
37	TMT	3.35000	3.65000	3.65000	3.35000	08:00 PM
38	MVR	15.23000	15.63000	15.63000	15.23000	08:00 PM
39	UZS	12,551.00000	12,615.60000	12,615.59607	12,551.02370	10:00 PM
40	PHP	56.26500	56.27700	56.27700	56.26500	10:26 PM
42	NGN	1,424.33000	1,425.33000	1,425.33000	1,424.33000	08:26 PM
43	KES	131.35000	133.35000	133.35000	131.35000	10:00 PM
44	AMD	367.87800	423.22600	423.22576	367.87801	10:00 PM
45	TWD	31.84550	31.87550	31.87550	31.84550	10:26 PM
46	XAU	2,170.85000	2,171.11000	2,171.11000	2,170.85000	10:25 PM
47	XAG	24.66320	24.67060	24.67060	24.66320	10:25 PM
48	XPT	905.50000	907.90000	907.90000	905.50000	07:25 AM
49	XPD	1,006.91000	1,012.56000	1,012.56070	1,007.33310	07:25 AM
2,120	VES	36.26460	36.35960	36.35956	36.26461	08:00 PM
2,212	UGX	3,849.44000	3,932.46000	3,932.45730	3,849.43568	10:00 PM
2,213	TZS	2,554.99000	2,555.01000	2,555.01500	2,554.98500	08:26 PM

Data is delayed by 20 minutes

EQUITY

Name	High	Current	Low	Change	% Change	Volume	Value	DateTime
KSE100	65,656.50	65,525.648	65,301.74	373.819	0.574	129,401,692.0	6,861,773,978.010	25/03/2024 02:13 PM
ALLSHR	43,481.82	43,433.029	43,317.33	192.246	0.445	261,019,034.0	8,943,790,840.160	25/03/2024 02:13 PM
KSE30	21,637.12	21,579.010	21,487.11	130.973	0.611	52,427,065.0	5,823,376,243.610	25/03/2024 02:13 PM
KMI30	110,456.65	110,044.870	109,570.91	811.261	0.743	64,266,029.0	5,139,774,646.840	25/03/2024 02:13 PM
KMIALLSHR	31,013.17	30,950.181	30,846.86	161.594	0.525	123,679,475.0	6,725,026,663.510	25/03/2024 02:13 PM
BKTi	16,119.35	16,082.458	15,994.30	84.688	0.529	4,429,200.0	674,907,125.160	25/03/2024 02:13 PM
OGTi	15,768.52	15,584.574	15,522.90	209.408	1.362	20,732,951.0	2,689,766,644.010	25/03/2024 02:13 PM

Data is delayed by 20 minutes

COMMODITIES

Name	Symbol	Last	High	Low	Change
BITCOIN FUTURES	BTC	70,265.0	70,805.0	69,900.0	-865.00
BRENT CRUDE	EB	87.0	87.1	86.8	0.24
RICHARDS BAY COAL MONTHLY	EF	100.0	0.0	0.0	1.35
ROTTERDAM COAL MONTHLY	ET	113.3	0.0	0.0	-0.15
USD RBD PALM OLEIN	POL	952.5	952.5	952.5	0.00
CRUDE OIL – WTI	QCL	82.2	82.3	81.9	0.27
SUGAR #11 WORLD	SB	22.0	22.1	21.7	0.12