SHARJAH (WAM)
Sharjah Consultative Council (SCC) approved a draft law on extractive and non-extractive natural resources corporate tax in the Emirate of Sharjah.
The decision came during the council's seventh meeting, held at its headquarters in Sharjah, as part of its work for the second regular session of the eleventh legislative term. The meeting was presided over by Dr. Abdullah Belhaif Al Nuaimi, Chairman of the Council, in the presence of officials.
The draft law is the first of its kind in the UAE, aiming to regulate the imposition of tax on companies operating in the extraction and use of natural resources, including both mineral extraction and other related activities. It also represents a significant advancement in the ongoing development of Sharjah's financial system and reflects the emirate's commitment to balancing economic development with environmental sustainability.
Sheikh Rashid bin Saqr Al Qasimi, Director of Sharjah Finance Department, explained that the draft law is part of a broader effort to develop the tax system in Sharjah, ensuring effective governance and compliance with regulatory provisions.
Hatem Mohamed Al Mosa, Director-General of the Department of Petroleum and Executive Director of the Sharjah National Oil Corporation (SNOC), emphasised the project's significance in enhancing the Department's operations and overseeing the activities of related companies, which contribute to supporting the economy of Sharjah.
During the session, the council members emphasised the law's importance in supporting the national economy. They highlighted a strong commitment to sustainable development and the conservation of natural resources.
The draft law seeks to establish a comprehensive legislative framework that regulates economic activities related to natural resources. This framework aims to increase public revenues to support development projects within the emirate.