Dubai: Dubai on Thursday issued a law mandating a 20 per cent annual tax on foreign banks operating within the Emirate.
The law which was approved by His Highness Sheikh Mohammes bin Rashid Al Makthoum, Vice President and Ruler of Dubai issued guidelines for determining taxable income and the protocols for filing tax returns, according to a statement by Dubai Media office.
However, exemptions will be made for those banks which are licensed to operate in Dubai’s international financial centre.
Read More
- Oman offers condolences to UAE after Fujairah crash kills at least 14
- Oman reviews response to oil tanker grounding off Qibliya Island
- India expands training opportunities for professionals in Oman through ITEC programme
- Oman approves over RO 100,000 to support 144 scientific research papers
- Oman and Bahrain strengthen cooperation against human trafficking
It will also regulate the procedures for auditing tax returns and voluntary disclosures, as well as the responsibilities and procedures associated with tax audit proceedings, the post said.
