The Saudi Zakat, Tax, and Customs Authority (ZATCA) has issued a release announcing amendments to the executive regulations for the Real Estate Transaction Tax (RETT). The RETT was introduced in October 2020 at a rate of 5%, replacing VAT on real estate supplies. The amendments to the regulations are effective from 18 February 2022.
One of the main changes concerns the payment date for the RETT, which is set to on or before the date of documentation of a sale with the notary or approved (ce…