Foreign banks operating in Dubai will face a new 20% tax on their annual taxable income, according to a law issued by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister of the United Arab Emirates and Ruler of Dubai on March 10. The law applies to all foreign banks in Dubai, including those in special development zones and free zones, but excludes foreign banks licensed in the Dubai International Financial Centre (DIFC), the WAM news agency reported. If these banks pay corporate tax under the Federal Corporate Tax Law of 2022, that amount will be deducted from their total ta…