The Emirates News Agency stated that the provisions of the new tax law apply to all foreign banks operating in the Emirate of Dubai, including special development zones and free zones. Foreign banks licensed to operate in the Dubai International Financial Center are excluded from the law for the income they achieve from practicing... Its operations within or through the center. The law stipulates that an annual tax of (20 percent) shall be imposed on foreign banks on taxable income, and from this percentage, the corporate tax rate shall be deducted in the event that the foreign bank pays the tax in accordance with the corporate tax law. The law regulates the rules for calculating taxable income, the controls for submitting a tax return and paying the tax, the procedures for auditing the tax return and voluntary declaration, and the duties and procedures related to the tax audit process. The law also allows the taxable person to object to the Department of Finance about the amount of tax or fine imposed on him according to its provisions, in accordance with the requirements. Specific details are set out in the law. This law applies to the tax periods that begin after the implementation of its provisions. The rules, procedures, and periods stipulated in Regulation No. (2) of 1996 regarding collecting tax from branches of foreign banks in the Emirate of Dubai also apply to the tax periods that began before the implementation of the law. According to the provisions of Law No. (1) of 2024.