The Sharjah Consultative Council (SCC) has approved a pioneering draft law aimed at establishing a regulatory framework for taxing companies involved in the extraction and utilization of natural resources, including minerals and related activities.
The first of its kind in the UAE, the draft law signifies a substantial step forward in the ongoing evolution of Sharjah’s financial system, reflecting the emirate’s commitment to harmonizing economic growth with environmental sustainability, as reported by WAM.
The decision was made during the SCC’s seventh meeting, held at its headquarters, as part of the second regular session of the eleventh legislative term. Dr. Abdullah Belhaif Al Nuaimi, the Chairman of the Council, presided over the meeting, which was attended by various officials.
During the session, council members highlighted the law’s significance in supporting the national economy, expressing a strong commitment to sustainable development and the preservation of natural resources.
The draft law aims to create a comprehensive legislative framework governing economic activities related to natural resources, with the goal of increasing public revenues to fund development projects within the emirate, WAM added.
