The Riyadh Chamber, represented by the Real Estate Committee, in cooperation with the Zakat and Income Tax Authority, will organize a meeting on Wednesday morning, December 27, 2017, entitled “Value Added Tax Calculation Mechanism for the Real Estate Sector.” The meeting will provide a definition of the tax and the controls of its application, within the framework of supporting the Kingdom's strategy related to economic transformation and diversification of sources of income. The meeting will be held at the Chamber's headquarters.

Board member and Chairman of the Chamber's Real Estate Committee, Mr. Aiad Al-Wabri, said that the meeting deals with a definition of VAT and the regulations related to its application and the main relevant timetables, including an explanation of the mechanism for calculating the added value of the real estate sector, and the Kingdom's obligations towards applying the lowest VAT rates in the world by 5%, which will start on January 1, 2018.

The meeting will provide an introduction to VAT and its application controls, within the framework of supporting the Kingdom's strategy related to economic transformation and diversification of income. The meeting is expected to reveal the aspirations and hopes of businessmen and members of the real estate sector to develop the work of the Zakat and Income Authority, and put forward the views, proposals and inquiries from the real estate sector to serve the development and development, while the meeting will discuss the mechanism of calculating the added value of the real estate sector and its impact on the future of investment in the real estate sector.

The meeting will discuss the mechanism of calculating the added value of the real estate sector and its impact on the future of investment in the real estate sector.