The Sharjah Consultative Council announced that its Financial, Economic and Industrial Affairs Committee has convened a meeting to review the draft law on the taxation of extractive and non-extractive companies related to natural resources in Sharjah.
Publish dateFriday 27 December 2024 - 22:55
According to Amac News :During the meeting, the committee reviewed various articles and provisions of the draft law and highlighted important aspects related to companies engaged in extractive activities, as well as companies related to natural resources and non-extractive companies subject to tax.
The committee held discussions with representatives of the Central Finance Authority to review the legal and financial aspects of the draft law and ensure compliance with the tax base requirements for each financial year for oil and gas companies in accordance with their agreements with the Sharjah Petroleum Authority.
The Committee stressed the importance of regulating the principles related to tax deductions, payments and audit mechanisms for the income of companies covered by the draft law, especially those dealing with natural resources such as water, oil, gas, coal, natural minerals and other non-renewable resources.
The Committee intends to continue its detailed review of the draft law in order to submit its final report to the Advisory Council for discussion and approval.
The meeting was attended by Halimah Humaid Al Owais, Deputy Chairperson of the Sharjah Advisory Council, and Rashid Abdullah bin Huwaidan, Chairman of the Financial, Economic and Industrial Affairs Committee.
Other key members present included Fatima Khalifa Al Maqrib, Rapporteur of the Committee, as well as Amer Mohammed Al Zarooni, Engineer Nabil Bin Baty Al Muhairi, Abdullah Taresh Al Kutbi, Tariq Murad Mirzai Al Balushi, Mohammed Abdullah Al Balushi and Mohammed Ali Bin Sulaym Al Kutbi, members of the Advisory Council.
The committee held discussions with representatives of the Central Finance Authority to review the legal and financial aspects of the draft law and ensure compliance with the tax base requirements for each financial year for oil and gas companies in accordance with their agreements with the Sharjah Petroleum Authority.
The Committee stressed the importance of regulating the principles related to tax deductions, payments and audit mechanisms for the income of companies covered by the draft law, especially those dealing with natural resources such as water, oil, gas, coal, natural minerals and other non-renewable resources.
The Committee intends to continue its detailed review of the draft law in order to submit its final report to the Advisory Council for discussion and approval.
The meeting was attended by Halimah Humaid Al Owais, Deputy Chairperson of the Sharjah Advisory Council, and Rashid Abdullah bin Huwaidan, Chairman of the Financial, Economic and Industrial Affairs Committee.
Other key members present included Fatima Khalifa Al Maqrib, Rapporteur of the Committee, as well as Amer Mohammed Al Zarooni, Engineer Nabil Bin Baty Al Muhairi, Abdullah Taresh Al Kutbi, Tariq Murad Mirzai Al Balushi, Mohammed Abdullah Al Balushi and Mohammed Ali Bin Sulaym Al Kutbi, members of the Advisory Council.
amacnews.com/vdcj.ye8fuqexy29zu.html
Source : news agency wam
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