SCC Committee discusses Corporate Tax and Natural Resources Law

Sharjah 24: The Legislative and Legal Affairs, Appeals, Suggestions and Complaints Committee of Sharjah Consultative Council (SCC) discussed the draft law regulating the "Extractive and Non-Extractive Natural Resources Companies Tax in the Emirate of Sharjah".

The committee expressed its opinion on the draft law for the year 2024 referred to by the Economic, Industrial and Financial Affairs Committee of the Council.

This came during the meeting held by the committee, on Wednesday, at the council's headquarters in Sharjah.

The meeting was chaired by Mohammed Ali Al Hammadi, Chairman of the Legislative and Legal Affairs, Appeals, Suggestions and Complaints Committee. The meeting was attended by Hamad Abdul Wahab Al Qawadi, the committee's rapporteur, and members Mohammed Saleh Al Ali, Hamad Abdullah Al Riyami, Rashid Saleh Al Hammadi, Khalifa Mohammed Bu Ghanem and Obaid Ishaq Al Mazmi. From the council's general secretariat, Youssef Hassan Al Ali, council's legal advisor; Abdulaziz bin Khadem, Deputy Director of the Parliamentary Affairs Department; Saif Al Ketbi, Secretary; and Abdullah Al Sufi, Secretary.

Discussing the draft law

During the meeting, the committee discussed the articles of the organisation of extractive and non-extractive natural resources companies’ specified tax and others.

The committee also focused its discussion on the aim of the draft law, which regulates the rules of commitment to the tax base for each fiscal year for companies operating in oil and gas according to the terms of the agreement between them and Sharjah Petroleum Department.

The committee discussed the law general framework and the articles regulating tax imposition, tax payment and auditing, and articles of the draft law regarding the renewal of franchise rights and commercial licenses.