The Sharjah Consultative Council (SCC) has approved a draft law introducing a corporate tax on extractive and non-extractive natural resource companies operating within the emirate. This legislation is the first of its kind in the UAE, aiming to regulate taxation for companies involved in the extraction and utilisation of natural resources, including mineral extraction and related activities.
The decision was made during the council’s seventh meeting, presided over by Dr Abdullah Belhaif Al Nuaimi, Chairman of the SCC. Sheikh Rashid bin Saqr Al Qasimi, Director of the Sharjah Finance Department, stated that the draft law is part of a broader effort to develop Sharjah’s tax system, 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 law’s significance in enhancing departmental operations and overseeing related companies, thereby supporting Sharjah’s economy.
Council members highlighted the law’s importance in supporting the national economy, demonstrating a commitment to sustainable development and the conservation of natural resources. The draft law seeks to establish a comprehensive legislative framework to regulate economic activities related to natural resources, aiming to increase public revenues to support development projects within the emirate.
