The 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.
Important Disclaimer:
This article is for general informational purposes only and does not constitute professional tax, legal, or financial advice. Information is based on UAE laws and guidance as of the publication date. Laws may change. Seek professional advice before acting. MACROE accepts no liability for actions taken based on this content.
