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Tax Alert – Law No.: (1) of 2024 on taxation of foreign banks operating in Dubai
23/04/2024The Government of Dubai published the law on taxation of foreign banks operating in the Emirates of Dubai (UAE) - “Law No.: (1) of 2024 on taxation of foreign banks operating in Dubai” (‘The new banking law’).
The new banking law specifies the principles governing the calculation of taxable income, tax filing and payments, inter-play of the new banking law with UAE Corporate Tax Law, procedures for the audit of tax filing, penalties, voluntary disclosure, procedures related to tax auditing, etc.
Download our Tax Update here.