Last year, the Zakat Tax and Customs Authority recorded 568,671,000 real estate sales as part of the real estate tax service in various regions, cities and governorates of the Kingdom.
Riyadh city has arrived in first line among the cities that registered the highest loyalty pledges, with 144,468,000 loyalty sworn members, followed by the city of Jeddah, which registered 57,648,000 loyalty oaths, and then the city of Buraidah 23,864,000 loyalty oaths.
According to the Saudi news agency “SPA”.
The property tax service provided by the Zakat Tax and Customs Authority is one of the electronic services that allow individuals and business sector taxpayers to register their properties in the property tax before completing the real estate emptying process or to document the contract, in addition to allowing them to know to what extent their properties are subject to taxation, by issuing a payment invoice for the amount of tax due.
It is interesting to note that the implementation of the real estate transaction tax took place after the issue of Royal Decree no. (A / 84) of 2 October 2020, which provides for the exemption from value added tax at a rate of 15% of all real estate supplies made through sale, and imposing a tax on real estate transactions at a rate of 5% , which is defined as “any legal transfer of ownership or possession of real estate, including, for example: sale, donation and will, exchange and lease, finance lease and transfer of shares in real estate companies.
Read More About: Business News