Month: July 2020

After the implementation of the new VAT, Amlak lists the most important details

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Value Added Tax

Reading time: 2 MinutesLast week, the new value-added tax rate went into effect following the amendment approved by the General Authority for Zakat and Income, raising the rate to 15% from 5%. Hamoud Al-Harbi, the official spokesperson for the General Authority for Zakat and Income, revealed the goods exempt from the 15% value-added tax, noting that the goods and services exempt under local regulations include: residential rentals and certain financial services that … Read more

The Real Estate Contributions Committee «Tasfeeha» follows up on the holding of (8) auctions through the Execution Court

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Liquidation of the Real Estate Contributions Committee

Reading time: < 1 MinuteThe Real Estate Contributions Committee (Tasfiya) announced that it is proceeding with eight auctions through the Enforcement Court to enforce the rights of shareholders in eight real estate contributions across seven different cities. Tasfiya clarified that the properties offered for sale are owned by holders of distressed real estate contributions, specifically the Al-Nahabi contribution, which is being executed on 40 properties owned by the holder of the «Riyadh Al-Khubara,» and the Ardh Al-Sina’iya contribution, which covers … Read more

Subsidized financing contracts issued by the Real Estate Fund jump to more than 300 thousand mortgages

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Mortgage Loans - Finance Companies

Reading time: < 1 MinuteThe number of subsidized mortgage contracts issued by the Real Estate Development Fund since the transition to the subsidized loan system began through the end of June 2020 has surged to more than 300,000 mortgage loans in partnership with all banks and financial institutions, This is to take advantage of the diverse solutions offered by the Ministry of Housing’s “Sakani” program, with the aim of facilitating home ownership for Saudi families and increasing the homeownership rate to 70% by 2030 … Read more

Editor-in-Chief Writes: Withdrawing from the Markets... Whose Responsibility Is It?

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Reading time: 2 MinutesAt a time when the Kingdom and countries around the world are grappling with the economic fallout from the outbreak of the novel coronavirus, which has disrupted national budgets and economies, at the local level, we are beginning the month of July in the Kingdom with the implementation of a 15% value-added tax (VAT), which was preceded by a surge in sales activity aimed at avoiding the new tax, affecting numerous economic sectors, most notably the food supply and furniture sectors… Read more

Neglected maintenance, poor materials and poor appliances are the main issues in apartments

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Apartment Survey

Reading time: 3 MinutesTenants of residential apartments face numerous problems in their daily lives due to their choice of housing in units that may lack certain basic amenities, as a result of flaws in design and construction quality, In addition, there are substandard electrical, plumbing, and sewage systems, as well as other nuisances that disrupt daily life and prompt tenants to move out of the building. The newspaper «Amlak … Read more

Cabinet approves the transfer of 7 competencies from the Ministry of Municipal and Rural Affairs to the Ministry of Agriculture“

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7 specialties transferred to agriculture

Reading time: < 1 MinuteAt its meeting held yesterday, Tuesday, the Council of Ministers approved the transfer of seven responsibilities from the Ministry of Municipal and Rural Affairs to the Ministry of Environment, Water, and Agriculture. These responsibilities are:  – Public markets, including (vegetables, fruits, meat, fish, livestock and camels, poultry, firewood, fodder, and slaughterhouses). – Zoos and shops selling wild animals. – Flood prevention outside … Read more

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