Dubai to impose 20% annual tax on foreign banks
A 20% tax for banks is being introduced for all foreign banks operating in Dubai, including special development zones and free zones, but excluding those licensed to operate in the International Financial Center The emirate of Dubai is introducing a 20% annual tax for foreign banks, according to the website of UAE Prime Minister and Emir of Dubai Sheikh Mohammed bin Rashid Al Maktoum. "The law stipulates that an annual tax of 20 percent is levied on foreign banks on their taxable income, and a percentage of corporate tax is deducted from this percentage [if the bank pays it]," the report said. "The law stipulates that an annual tax of 20% is levied on foreign banks on their taxable income, and a percentage of corporate tax is deducted from this percentage [if the bank pays it]," it said. Corporate tax in the UAE was introduced on June 1 last year. Its rate is 9%. It is paid by both residents and non-residents, both legal entities and individuals. Exceptions are gove