We are moving towards a regime where both foreign as well as local banks will be paying the same level of taxes. The board has to take a decision on this.Question: Will tax be reduced or removed for foreign banks to achieve this?Answer: The decision whether to remove tax or reduce tax for foreign banks will depend on the board.Question: Does this mean that the national banks will start paying tax?Answer: It is again the board which has to take a decision whether to introduce tax for local banks in order to make the taxing uniform for banks.Question: Do you have plans to increase the minimum capital for banks?Answer: When the new banking law becomes ready, the minimum capital will also go up. As of now, the minimum capital required for the banks in UAE is Dh40 million and this will be raised in the new banking law.Question: To what level?Answer: I can only say that the capital will be raised to the international standards. The issue of minimum capital has always been a debatable subject within our board as well as at the international platforms. (The Gulf News)
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Mr. Min Byung-Il serves as editorial director and senior writer for The Seoul Times. He was former managing editor and executive director of the Korea Herald. Min has also been serving as resident correspondent for Emirates News Agency (WAM) of the United Arab Emirates since 2001.
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