NOT IN FORCE. This law has been abrogated by Dubai Law No. 1 of 2024.
We, Hamdan bin Rashid Al Maktoum, Deputy Ruler of Dubai,
Do hereby issue this Regulation.
This Regulation will be cited as “Regulation No. 2 of 1996 Concerning Collection of Tax from Branches of Foreign Banks in the Emirate of Dubai”.
The following words will have the meaning indicated opposite each of them unless the context implies otherwise:
Emirate: The Emirate of Dubai.
DOF: The Department of Finance.
FAD: The Financial Audit Directorate at His Highness the Ruler’s Court.
Branch: A branch of a foreign bank operating in the Emirate.
Tax Base: The net profits of a Branch which are subject to tax under this Regulation.
Financial Year: The year commencing on 1 January and ending on 31 December of each Gregorian calendar year.
Capital Expenditure: Expenses of a capital nature, rather than an operating nature, whose benefit may extend to subsequent financial periods.
Regional Management Expenditures: The supervisory expenses of the regional man...