The Saudi Zakat, Tax, and Customs Authority (ZATCA) has issued a release announcing amendments (in Arabic) 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 amended project aims to develop the executive regulations for the real estate disposal tax through the following:
1.Amending the exception for the disposal of real estate by a partner in a company to include those who were a partner in the company.
2.Amending the exemption for real estate disposal that is provided as an in-kind share to investment funds to include funds established for the purpose of renting real estate, without limiting the exception only to the establishment stage.
3.Providing additional benefits to companies and investment funds that will offer or re-offer their shares or units in the financial market by not considering the offering or re-offering a violation of any of the conditions for enjoying tax exemption.
4.Determine a separate date for the tax due for projects (build - own - operate - transfer), or what are called (BOOT) projects
Source :- https://istitlaa.ncc.gov.sa/ar/Finance/GAZT/RETT23/Pages/default.aspx
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