Sharjah’s Consultative Council (SCC) has approved the UAE’s first bill regulating corporate tax on natural resources. This groundbreaking legislation targets companies involved in the extraction and use of natural resources, including minerals, marking a significant step in tax reform for the emirate.
Purpose and Framework:
The draft law establishes a comprehensive legislative framework for taxing economic activities related to natural resources. It aims to:
- Regulate taxation on extractive and non-extractive natural resource companies.
- Enhance public revenues to support Sharjah’s development initiatives.
Sheikh Rashid bin Saqr Al Qasimi, Director of Sharjah’s Finance Department, emphasized that the bill is part of broader efforts to modernize the emirate’s tax system, ensuring governance and regulatory compliance.
Key Meeting and Approval:
The SCC approved the bill during its seventh meeting, chaired by Dr Abdullah Belhaif Al Nuaimi, as part of the council’s second regular session of the eleventh legislative term. The legislation aligns with Sharjah’s commitment to strengthening its economic infrastructure while fostering sustainability and growth.
