Sharjah Approves Landmark Law on Natural Resources Corporate Tax

UAE, 13 January, 2025 :  Sharjah Consultative Council (SCC) has approved a draft law on corporate tax for extractive and non-extractive natural resources. The legislation, the first of its kind in the UAE, aims to regulate taxation on companies involved in the extraction and use of natural resources, advancing Sharjah's financial system while promoting economic growth and environmental sustainability.

The decision was made during the SCC's seventh meeting, led by Dr. Abdullah Belhaif Al Nuaimi, Chairman of the Council. Sheikh Rashid bin Saqr Al Qasimi, Director of Sharjah Finance Department, highlighted the draft law's role in enhancing governance and compliance in the emirate's tax framework.

Hatem Mohamed Al Mosa, Director-General of the Department of Petroleum and Executive Director of SNOC, underscored the initiative's significance in boosting Sharjah's economy. Council members emphasized its importance in supporting sustainable development and conserving natural resources.

The new law establishes a legislative framework to regulate economic activities tied to natural resources, aiming to increase public revenues for development projects in Sharjah.