Sharjah to tax natural resource companies? The Sharjah Consultative Council’s Financial, Economic and Industrial Affairs Committee reviewed a draft law proposing taxation on companies involved in natural resource activities in the emirate, state news agency Wam reports. The law targets companies involved in both extractive activities — such as oil, gas, and coal — and non-extractive natural resources.

What we know: Discussions — which included the emirate’s central finance department — focused on ensuring compliance with tax base requirements, as outlined in agreements with Sharjah’s Oil Department, and addressed provisions for tax deductions, payments, and audit mechanisms for affected companies — especially ones specialized in natural and non-renewable resources such as water, oil, gas, coal, naturally occurring minerals.

What’s next? The committee will continue its deliberations before submitting the draft law’s final report to the Advisory Council for approval.

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