SEC Reviews Draft Tax Law for Firms in Natural Resources Sector

Photo : Sharjah Govt Media Bureau

His Highness Sheikh Sultan bin Mohammed bin Sultan Al Qasimi, the Crown Prince and Deputy Ruler of Sharjah, also serving as Chairman of the Sharjah Executive Council, led a crucial meeting on Tuesday at the Ruler’s office. The meeting was attended by His Highness Sheikh Sultan bin Ahmed bin Sultan Al Qasimi, the Deputy Ruler of Sharjah, who also serves as the Deputy Chairman of the Executive Council. 

During the meeting, the Council discussed a wide range of items on its agenda, primarily focused on assessing the performance of various government departments and agencies. The goal was to ensure the continued growth and success of Sharjah across multiple sectors. Special attention was given to reviewing and strengthening legal frameworks designed to enhance the emirate's financial sector.

One of the significant topics addressed was the draft local tax law concerning both extractive and non-extractive companies involved in the natural resources sector. This proposed law outlines the financial obligations of companies and establishes the accounting procedures necessary for calculating profits subject to local tax. The tax law also includes provisions for monitoring the financial performance of companies in the energy sector. By doing so, the law aims to support the growth of energy companies and institutions, which is expected to have a positive long-term impact on Sharjah's economic standing and its contribution to the wider national GDP.

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Another key agenda item was the review of the performance results report for Sharjah’s suburban councils. The report highlighted the essential role of these councils in promoting social cohesion and fostering a vibrant community culture. Additionally, the development plans to enhance services available to citizens across Sharjah's various cities and regions were discussed. The Council reiterated its full support for the heads and members of these suburban councils, emphasizing its ongoing commitment to their efforts to improve the quality of life for residents.

The meeting underscored the Executive Council’s dedication to boosting Sharjah’s economic growth, improving public services, and ensuring the emirate's continued development across all key sectors.

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