Dubai Corporate Tax 2024: New Regulations and Their Implications
On March 7, Law No. (1) from 2024 ("Law") regarding the taxes for foreign bank that operate in Dubai was promulgated from the Ruler of Dubai His Her Majesty Sheikh Mohammed bin Rashid Al Maktoum. This law is in effect as of the date of announcement in Dubai's official gazette,, which is on March 8 and will apply to tax periods starting after March 8, 2024. This law repeals Regulation No. (2) in 1996, or any other law that could overturn it. (2) of 1996, or any other law that could contradict it. Law sets out the fundamentals that govern…