Ajman Administrative Decision No. 22/2024 On the Rules and Controls for Applying Tax on Foreign Banks Operating in the Emirate of Ajman

Pursuant to the perusal of Ajman Emiri Decree No. 15/2012 on the Department of Finance in Ajman, and its amendments;

Ajman Emiri Decree No. 5/2017 on the Financial Audit Authority in Ajman;

Ajman Law No. 3/2024 on the taxation of foreign banks operating in the Emirate of Ajman,

We hereby decide the following:

Article 1 - Definitions

The terms and expressions appearing in this Decision shall have the meanings assigned to them in aforementioned Ajman Law No. 3/2024. For the purpose of this Decision, the following terms and expressions shall have the meanings assigned thereto, unless the context requires otherwise:

Fiscal year: The year that starts on the first of January and ends on the thirty-first of December of each year.

Capital Expenses: Expenses having a capital aspect and do not have an operational aspect, and deemed beneficial for the foreign bank during the following fiscal years.