emirates7 - The Sharjah Consultative Council (SCC) has approved a draft law introducing corporate taxation on extractive and non-extractive natural resources in the Emirate of Sharjah.
The decision was made during the council's seventh meeting, held at its headquarters as part of the second regular session of the eleventh legislative term. The meeting, chaired by Dr. Abdullah Belhaif Al Nuaimi, Chairman of the Council, included the participation of key officials.
This draft law, the first of its kind in the UAE, aims to regulate taxation on companies engaged in the extraction and utilization of natural resources, encompassing both mineral extraction and related activities. It marks a significant milestone in Sharjah's financial system development, underscoring the emirate's commitment to balancing economic growth with environmental sustainability.
Sheikh Rashid bin Saqr Al Qasimi, Director of the Sharjah Finance Department, stated that the draft law is part of a wider initiative to enhance Sharjah’s tax system, promoting effective governance and adherence to regulatory standards.
Hatem Mohamed Al Mosa, Director-General of the Department of Petroleum and Executive Director of the Sharjah National Oil Corporation (SNOC), highlighted the law's role in strengthening departmental operations and improving oversight of companies involved in the natural resources sector, contributing to Sharjah’s economic growth.
Council members stressed the law’s critical importance to the national economy, emphasizing its alignment with sustainable development goals and the conservation of natural resources.
The draft legislation aims to a robust legal framework to regulate economic activities related to natural resources, ultimately boosting public revenue to fund development projects across the emirate.
The decision was made during the council's seventh meeting, held at its headquarters as part of the second regular session of the eleventh legislative term. The meeting, chaired by Dr. Abdullah Belhaif Al Nuaimi, Chairman of the Council, included the participation of key officials.
This draft law, the first of its kind in the UAE, aims to regulate taxation on companies engaged in the extraction and utilization of natural resources, encompassing both mineral extraction and related activities. It marks a significant milestone in Sharjah's financial system development, underscoring the emirate's commitment to balancing economic growth with environmental sustainability.
Sheikh Rashid bin Saqr Al Qasimi, Director of the Sharjah Finance Department, stated that the draft law is part of a wider initiative to enhance Sharjah’s tax system, promoting effective governance and adherence to regulatory standards.
Hatem Mohamed Al Mosa, Director-General of the Department of Petroleum and Executive Director of the Sharjah National Oil Corporation (SNOC), highlighted the law's role in strengthening departmental operations and improving oversight of companies involved in the natural resources sector, contributing to Sharjah’s economic growth.
Council members stressed the law’s critical importance to the national economy, emphasizing its alignment with sustainable development goals and the conservation of natural resources.
The draft legislation aims to a robust legal framework to regulate economic activities related to natural resources, ultimately boosting public revenue to fund development projects across the emirate.