Sharjah approves UAE first bill on natural resources corporate tax

Sharjah’s Consultative Council (SCC) has also approved extractive and non-extractive natural resources corporate tax bill which is the first of its kind in the UAE. 

It is proposed to regulate the imposition of tax on firms engaged in the extraction and use of natural resources, which include the extraction of minerals and other forms of their extraction. 

Sheikh Rashid bin Saqr Al Qasimi, director of Sharjah finance department, said the law was drafted as part of an overall project to expand Sharjah’s tax regime with the best governance and implementation of the rules. 

The bill proposes to create a single comprehensive law to govern economic activity in the areas of natural resources. This structure will raise the public revenue for development projects in the emirate. 

It was decided at the council’s seventh meeting, in its headquarters in Sharjah, for the second regular session of the 11th legislature term. Dr Abdullah Belhaif Al Nuaimi, Chairman of the Council, ejected the chairman of the council. 

Sharjah signs UAE’s first natural resource corporate tax – read all about the new rules. To stay up to date sign up to Just Dubai!