<His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, presided over a session of the Council of Ministers held today in Riyadh. During the session, the Cabinet approved the real estate transaction tax system.

The Cabinet approved the real estate transaction tax system.

The <a href=“https://amlak.net.The Real Estate Transaction Tax is a tax of 5% of the value of the real estate to be sold or transferred, regardless of its condition or form, It is paid before or during real estate emptying or documenting contracts, noting that it was imposed by Royal Decree No. (A/84) dated 14/2/1442 AH in support of the sons and daughters of the homeland, in order to alleviate their well-being, care for them, seeking their needs and taking into account their circumstances, and with the aim of providing continuous support for them, to achieve their well-being and provide the means of a decent life for them.

Since Sunday, October 4, 2020, the real estate sales will be exempted from VAT by 15%, and the state's support for the tax on the first home of a citizen will be raised from 850 thousand riyals to one million riyals.