The implementation of the decision to impose a real estate tax in the Kingdom of Saudi Arabia begins today, as the General Authority for Zakat and Income released the Simplified Guide to Real Estate Tax, which contains a number of concepts about disposition tax Real estate.
According to Arabiya Net, it was recently announced by Royal Decree No. (A / 84) dated 2/14/1442 AH, which aims to enable citizens to Owning their homes and stimulating the residential and commercial real estate sector.
The launch of the guide comes within the framework of the awareness efforts carried out by the General Authority for Zakat and Income, and in conjunction with the start of the implementation of the decision, as the authority in charge of collecting and managing Zakat and taxes, and enforcing tax regulations In the kingdom.
The guide includes a wide range of information about the mechanism for implementing real estate tax, and the difference between value added tax and real estate disposal tax, explained with simple explanations, and guided by a number of realistic examples .
The guide provides in detail the cases excluded from the real estate disposal tax, and many explanations related to violations and fines related to the real estate disposition tax, and the procedures for paying it to the General Authority of Zakat and Income.
In addition to explaining the steps for finalizing the emptying procedures at the Ministry of Justice, the guide also contains an explanation about the real estate transactions subject to the real estate tax, as he indicated that all real estate transactions that are It is done by way of sale and the like subject to the real estate disposal tax, such as: assignment of ownership of the real estate, a will, finance lease and other other cases, whether this disposition includes the entire property or any part of it.
The General Authority for Zakat and Income invited all those wishing to review the simplified guide to the tax of real estate disposal, and to know the cases excluded from it, to visit the authority's website via the following link (gazt.gov .sa).
The Minister of Finance, the Minister of Economy and Planning in charge, Muhammad bin Abdullah Al-Jadaan, confirmed that the royal order exempting all real estate supplies that take place by way of transfer of ownership and sale (including leasing Ending with ownership, financial leasing and financing murabaha) from the value-added tax aims to support the nation's sons and daughters and relieve them, and to take care of them, touch their needs, take into account their circumstances and provide them with continuous support, in a way that achieves their well-being and provides the reasons for a decent life for them.
and Al-Jadaan praised the support enjoyed by the real estate and residential sectors, which constitute an important axis in the Kingdom's Vision 2030 and contribute with suspicion ...
