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Sharjah Consultative Council Discusses Taxation Of Companies In Natural Resource Extraction
Umer Jamshaid Published December 25, 2024 | 11:00 PM
(UrduPoint / Pakistan Point News / WAM - 25th Dec, 2024) SHRJAH, 25th December, 2024 (WAM) – The Financial, Economic and Industrial Affairs Committee of the Sharjah Consultative Council convened to discuss a draft law concerning taxation of both extractive and non-extractive companies involved with natural resources in Sharjah.
The draft law was presented to the committee during the fifth session of the Advisory Council, prompting a meeting this morning at the council's headquarters in Sharjah.
Throughout the meeting, the committee reviewed the various provisions and articles of the draft law, highlighting critical components related to the companies involved in extractive activities and those functioning with natural and non-extractive resources subject to the specified tax. The committee engaged in discussions alongside representatives from the Central Finance Department to tackle the legal and financial elements that the draft law intends to address, ensuring compliance with the tax base requirements for each fiscal year relative to oil and gas companies as specified in their agreements with the Oil Department in Sharjah.
The committee offered insights on several articles, keeping in mind the views of the Central Finance Department, and emphasized the significance of organizing principles concerning tax deductions, payments, and audit mechanisms for the revenues of companies affected by the draft law, particularly those dealing with natural resources such as water, oil, gas, coal, naturally occurring minerals, and other non-renewable resources.
The committee is set to continue its thorough examination of the draft law in preparation for submitting its final report to the Advisory Council for further discussion and approval.
The session was attended by Halima Hamid Al Owais, Vice President of the Sharjah Consultative Council, and chaired by Rashid Abdullah bin Huwaiden, the Chairman of the Financial, Economic and Industrial Affairs Committee. Key members in attendance included Fatima Khalifa Al Muqrab, the Committee Rapporteur, along with Amer Mohammed Al Zarouni, Engineer Nabil bin Butti Al Muhairi, Abdullah Taresh Al Ketbi, Tariq Murad Mirza Al Balushi, Mohammed Abdullah Al Balushi, and Mohammed Ali bin Salim Al Ketbi, a Council member.
Other attendees included Ahmed Saeed Al Jarwan, the Secretary General of the Council, Yousef Hassan Al Ali, the Council's Legal Advisor, Abdulaziz bin Khadem, Deputy Director of the Parliamentary Affairs Department, and Amna Basalib, Secretary of the Sessions Affairs. The meeting also saw attendance from Sheikh Rashid bin Saqr Al Qasimi, Director of the Sharjah Finance Department, and Dr. Falah Al Hussaini, Tax Affairs Advisor.
