The Zakat, Tax, and Customs Authority has recorded more than 543,000 real estate transactions through its Real Estate Transactions Tax service across various regions, cities, and provinces of the Kingdom since the Real Estate Transactions Tax was implemented on October 4 of last year.
The Riyadh region led the way with 125,110 registered real estate transactions, followed by the Jeddah Governorate with 55,680 transactions, the city of Buraidah with 20,462 transactions, the Makkah Region with 18,955 transactions, and the Madinah Region with 18,557 transactions.
The Real Estate Transactions Tax service is one of the e-services that enables individuals and business entities to register their properties for the Real Estate Transactions Tax before completing the property transfer or notarizing the contract, as well as allowing them to determine whether their properties are subject to the tax and to generate a payment invoice for the amount of tax due.