OrbitaxSaudi Arabia Replaces VAT on Real Estate Transactions with a New 5% Tax
|Approved Changes|Saudi Arabia
On 1 October 2020, the Saudi Press Agency has issued a release announcing the issuance of a Royal Order that provides for the following:
- An exemption of real estate supplies from VAT;
- The refund of input VAT paid by licensed real estate developers
- The introduction of a new tax, the Real Estate Transaction Tax, that is imposed on real estate supplies at a rate of (5%) of the value of the real …
