Sharjah Approves Draft Law On Natural Resources Corporate Tax

The Sharjah Consultative Council (SCC) has approved a draft law on extractive and non-extractive natural resources corporate tax in the emirate. The draft law is the first of its kind in the UAE, aiming to regulate the imposition of tax on firms operating in the extraction and use of natural resources, including both mineral extraction and other related activities. 

The latest move, which came during the council's seventh meeting, is part of a broader effort to develop the tax system in Sharjah, ensuring effective governance and compliance with regulatory provisions. According to Emirates News Agency report, the draft law seeks to establish a comprehensive legislative framework that regulates economic activities related to natural resources. This framework aims to increase public revenues to support development projects within Sharjah.