The taxation rules for Employee Stock Options (ESOPs) for NRIs working in an Indian registered company based in the UAE depend on several factors such as the tax laws of India and the UAE, the terms and conditions of the ESOP scheme, and the individual's tax residency status.

As per the Indian Income Tax Act, if an NRI exercises the ESOPs of an Indian registered company, the difference between the fair market value of the shares on the date of exercise and the exercise price is considered as a perquisite and taxed in India. The tax rate applicable on the perquisite value of the ESOPs is the slab rate applicable to the individual's total income.

However, NRIs can claim a foreign tax credit in their country of residence for the tax paid in India on the ESOPs. This means that if the NRI is a tax resident of UAE, they can claim a credit for the tax paid in India on their ESOPs in their tax return in UAE.

To avail refunds or reduced tax rates on ESOPs received through an NRI Saving Account, the current Indian income tax rules do not provide for any specific exemptions or concessions for NRIs based in the UAE or any other country. However, NRIs may take advantage of the tax benefits available under the India-UAE Double Taxation Avoidance Agreement (DTAA) which provides for relief from double taxation on income earned in India.