Dubai ruler issues law imposing 20% annual tax on foreign banks operating in emirate

Arab News
A general view of the Burj Khalifa and the downtown skyline in Dubai, United Arab Emirates. (File/Reuters)
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DUBAI: The ruler of Dubai Sheikh Mohammed bin Rashid Al-Maktoum issued a law imposing an annual tax of 20 percent on foreign banks operating in the emirate on Thursday.

Banks which are licensed to operate in Dubai’s international financial centre are exempt from the tax, Dubai Media Office said. 

Topics: Dubai Banks Sheikh Mohammed bin Rashid Al-Maktoum