Sharjah Consultative Council Evaluates Taxation Draft Law For Natural Resource Companies

The Sharjah Consultative Council's Financial, Economic and Industrial Affairs Committee gathered to deliberate on a draft law about taxing companies involved with natural resources in Sharjah. This draft law was introduced during the Advisory Council's fifth session, leading to a meeting at the council's headquarters. The committee examined the draft law's provisions, focusing on companies engaged in extractive and non-extractive activities subject to the proposed tax.

During the meeting, discussions were held with representatives from the Central Finance Department. They addressed legal and financial aspects of the draft law, ensuring alignment with tax base requirements for oil and gas firms as per their agreements with Sharjah's Oil Department. The committee provided insights on several articles while considering input from the Central Finance Department.

The committee stressed the importance of organizing principles for tax deductions, payments, and audit mechanisms. These principles are crucial for managing revenues of companies affected by the draft law, especially those dealing with natural resources like water, oil, gas, coal, minerals, and other non-renewable resources. The committee plans to continue its detailed review of the draft law before submitting a final report to the Advisory Council for further deliberation.

The session was chaired by Rashid Abdullah bin Huwaiden, Chairman of the Financial, Economic and Industrial Affairs Committee. Halima Hamid Al Owais, Vice President of the Sharjah Consultative Council, also attended. Key members present included Fatima Khalifa Al Muqrab as Committee Rapporteur, along with Amer Mohammed Al Zarouni and Engineer Nabil bin Butti Al Muhairi.

Other notable attendees were Abdullah Taresh Al Ketbi, Tariq Murad Mirza Al Balushi, Mohammed Abdullah Al Balushi, and Mohammed Ali bin Salim Al Ketbi. Ahmed Saeed Al Jarwan served as Secretary General of the Council. Yousef Hassan Al Ali provided legal advice as the Council's Legal Advisor.

Sheikh Rashid bin Saqr Al Qasimi represented the Sharjah Finance Department as Director. Dr. Falah Al Hussaini contributed expertise as Tax Affairs Advisor. Abdulaziz bin Khadem participated as Deputy Director of Parliamentary Affairs Department alongside Amna Basalib who acted as Secretary of Sessions Affairs.

The committee remains committed to thoroughly examining all aspects of this draft law to ensure it aligns with fiscal policies while addressing concerns related to taxation on natural resource companies in Sharjah effectively.

With inputs from WAM