Dubai to impose 20% annual tax on foreign banks operating in emirate

Dubai: Dubai on Thursday issued a regulation mandating a 20 per cent annual tax on international banks working inside the Emirate.

The regulation which was permitted by His Highness Sheikh Mohammes bin Rashid Al Makthoum, Vice President and Ruler of Dubai issued tips for figuring out taxable revenue and the protocols for submitting tax returns, in response to an announcement by Dubai Media workplace.

Nonetheless, exemptions will likely be made for these banks that are licensed to function in Dubai’s worldwide monetary centre.

It is going to additionally regulate the procedures for auditing tax returns and voluntary disclosures, in addition to the tasks and procedures related to tax audit proceedings, the put up mentioned.