{"id":99226,"date":"2024-12-27T00:00:00","date_gmt":"2024-12-27T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/sharjah-proposes-new-law-to-tax-natural-resource-companies\/"},"modified":"2024-12-27T00:00:00","modified_gmt":"2024-12-27T00:00:00","slug":"sharjah-proposes-new-law-to-tax-natural-resource-companies","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/12\/27\/sharjah-proposes-new-law-to-tax-natural-resource-companies\/","title":{"rendered":"Sharjah proposes new law to tax natural resource companies"},"content":{"rendered":"

Sharjah to tax natural resource companies?<\/strong> The Sharjah Consultative Council\u2019s 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<\/a> reports. The law targets companies involved in both extractive activities \u2014 such as oil, gas, and coal \u2014 and non-extractive natural resources.<\/p>\n

What we know:<\/strong> Discussions \u2014 which included the emirate\u2019s central finance department \u2014 focused on ensuring compliance with tax base requirements, as outlined in agreements with Sharjah\u2019s Oil Department, and addressed provisions for tax deductions, payments, and audit mechanisms for affected companies \u2014 especially ones specialized in natural and non-renewable resources such as water, oil, gas, coal, naturally occurring minerals. <\/p>\n

What\u2019s next? <\/strong>The committee will continue its deliberations before submitting the draft law\u2019s final report to the Advisory Council for approval.<\/p>\n","protected":false},"excerpt":{"rendered":"

The law targets companies involved in both extractive and non-extractive activities<\/p>\n","protected":false},"author":1,"featured_media":99227,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1563],"tags":[7,134,266,1390],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-99226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislation-watch","tag-enterpriseam-uae","tag-legislation-watch","tag-oil-and-gas","tag-sharjah","wpautop","entry"],"acf":{"mongo_id":"31bc3313-3ead-47b1-9e1e-8a8a7bca7941","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/2314.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Sharjah proposes new law to tax natural resource companies","related_issue":[99219],"teaser":"The law targets companies involved in both extractive and non-extractive activities","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.7f27c932-de64-432a-9966-bb510af8f1aa.mp3"},"yoast_head":"\nSharjah proposes new law to tax natural resource companies - 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