Sharjah’s Consultative Council (SCC) has endorsed a bill concerning corporate tax on both extractive and non-extractive natural resources, marking the first legislation of its kind in the UAE.
The proposed law aims to regulate the taxation of companies involved in the extraction and utilisation of natural resources, covering both mineral extraction and other related activities.
Sheikh Rashid bin Saqr Al Qasimi, Director of Sharjah’s Finance Department, clarified that the bill forms part of a wider initiative to enhance Sharjah’s tax system, ensuring effective governance and compliance with regulatory standards.
The bill aims to establish a thorough legislative framework for regulating economic activities tied to natural resources. This framework is intended to boost public revenue, which will support development projects within the emirate.
The decision was made 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 chaired by Dr Abdullah Belhaif Al Nuaimi, Chairman of the Council.
