A session to introduce the tax law on foreign banks in Dubai

The Financial Audit Authority organized an introductory session that included many topics and details to clarify Law No. (1) of 2024 regarding the tax on foreign banks operating in the Emirate of Dubai, in addition to Administrative Resolution No. (107) of 2024 regarding the application of the tax on these banks, as part of its commitment By enhancing financial transparency and regulating the tax environment.

In accordance with the new tax law, which was issued in 2024 to clarify the tax rules applied to foreign banks operating in the Emirate of Dubai, the Financial Audit Authority organized an introductory session aimed at clarifying the methodology for calculating the tax, the tax adjustments necessary to calculate taxable income, and the tax forms that banks must fill out. And the deadlines for submitting the due tax amounts, forms and declarations, and a list of fines applied to banks in the event of violating the provisions of the law, which enables foreign banks operating in Dubai to adhere to the requirements. Legal and avoid any violations or fines.

The session addressed many important topics related to the new tax laws, as it touched on the tax calculation mechanism, the new rules for tax amendments, loan transactions in the Dubai International Financial Center, the tax rules of the corporate tax law, and others.

Majid Al Ansari, Executive Director of the Operations, Compliance and Performance Audit Sector at the Financial Regulatory Authority, said: “Implementing these laws represents an important step towards enhancing financial transparency and ensuring tax compliance by all foreign banks operating in Dubai.”

He added: “This session is an ideal opportunity for banking institutions to exchange opinions and inquiries with experts, and to provide the necessary support to understand the mechanism for implementing these legislations. We are committed to supporting banks in implementing these laws efficiently and transparently.”