<The
Zakat, Tax and Customs Authority has revealed the most prominent new exemptions contained in the
real estate transaction tax system.
According to an infographic published by the Authority on its X social media account, these exemptions include the following:
The authority also revealed the highlights of the
real estate tax system , which was approved by the Council of Ministers last Tuesday, its objectives, and the start date of its implementation.
<The real estate transaction tax is a tax of 5% of the value of the property 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.
Cabinet approves real estate transaction tax system Follow Amlak Real Estate Newspaper on Google News
Since Sunday, October 4, 2020, the real estate sales will be exempted from VAT by 15%, and the state subsidy for the tax of the citizen's first home will be raised from 850 thousand riyals, up to one million riyals.
The Cabinet approved the real estate transaction tax system.
