As part of its mandate for strengthening financial transparency and regulating the tax environment, the Dubai Financial Regulator held an informational meeting where the 2024 Law on Taxation of Foreign Banks operating in the emirate was discussed, as well as Administrative Resolution No. 107 of 2024 on the applicability of the tax to these banks.
According to the new tax law adopted in 2024 for determining tax rules applicable to foreign banks operating in Dubai, the financial regulator organized an informational meeting aimed at clarifying the methods of tax calculation, necessary tax changes for the calculation of taxable income, tax declarations and deadlines for the submission of tax payments, as well as penalties expected for banks in case of violation of the law.
The meeting addressed numerous important aspects related to the new tax laws, such as the tax calculation mechanism, new rules for tax changes, operations with credits in the Dubai International Financial Center, tax rules for corporate income tax, and others.
The Executive Director of Operational Auditing and Compliance at the Financial Regulator, Majid Al-Ansari, noted: "The adoption of these laws represents an important step towards strengthening financial transparency and ensuring tax compliance from all foreign banks operating in Dubai." He added: "This meeting provides an excellent opportunity for banking institutions to exchange views and inquiries with experts, as well as to ensure the necessary support in understanding the mechanisms of applying these laws, and we are ready to support banks in implementing these laws with effectiveness and transparency."
