The Dubai authority has issued Administrative Decree No. 107 of 2024 concerning the new tax on foreign banks introduced earlier in the year. As previously reported, the annual tax is levied at a rate of 20% on the taxable income of foreign banks operating in the emirate. Where a foreign bank pays tax under the UAE's Corporate Tax Law, the corporate tax is deducted from the tax percentage under the Dubai law, resulting in a tax rate of 11% (20% bank tax minus 9% corporate tax). The tax applies to all foreign banks operating in the emirate, including special development...