SEC reviews draft tax law for firms engaged in natural resources

Sharjah24: His Highness Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, the Crown Prince, Deputy Ruler of Sharjah, and Chairman of the Sharjah Executive Council, presided over a meeting of the Council, on Tuesday, at the Ruler’s office. In attendance were His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, the Deputy Ruler of Sharjah, and the Deputy Chairman of the Executive Council.

The Council discussed several items on its agenda aimed at assessing the performance of government departments and agencies, as well as reviewing legal frameworks that bolster the financial sector. These efforts are essential for enhancing the emirate's economic standing and supporting its ongoing growth across various key sectors.

It reviewed the draft local tax law for both extractive and non-extractive companies engaged in natural resources in Sharjah. This law is designed to outline obligations and establish the accounting procedures for calculating profits subject to local tax. Additionally, it aims to monitor financial performance in the energy sector, thereby strengthening the financial strategy and supporting the growth of companies and institutions in this field. This initiative is expected to have a positive impact on the emirate’s GDP.

The Council reviewed the performance results report of Sharjah’s suburban councils. The report highlighted the councils' role in fostering social cohesion and promoting a vibrant community culture. It also discussed development plans designed to improve the services available to citizens across various cities and regions within the emirate. The Council reaffirmed its commitment to supporting the efforts of the heads and members of these suburban councils in reaching their objectives.