20 per cent corporate tax on companies engaged in extractive and non-extractive activities of natural resources

A 20 percent corporate tax has been imposed on Sharjah companies that operate in both extractive and non-extractive natural resource activities, the announcement was made on Thursday.

Companies that extract natural resources (such as minerals, aggregates, metals, and oil) and then process and use them by customers are known as extractive companies. Natural resource separation, treatment, refinement, processing, storage, transportation, marketing, and distribution are all handled by non-extractive businesses.

The ordinance, which was passed by Sharjah's ruler and Supreme Council member Sheikh Dr. Sultan bin Mohammed Al Qasimi, states that corporations that deal with extractive industries and those that deal with non-extractive natural resources must pay corporate taxes.