RETTALERT
After the issuance of the Real Estate Transactions Tax law in the kingdom of Saudi Arabia under Royal Decree No. (M/84) dated 19/3/1446, the Board of Directors of the Zakat, Tax and Customs Authority (ZATCA) approved the new executive regulation for that law on 3/11/1446.
The new regulation includes mainly the following:
- Definitions for several terms, which clarified the intended objectives of correct interpretation of the law and regulation.
- The introduction of more detailed rules and provisions regarding some tax exemptions which lead to enhancing transparency and governance in the application of the tax.
- New exemptions to align with the law.
- Provisions related to the tax due date and payment deadline.
- Provisions concerning the oversight carried out by the Authority to ensure the accuracy of tax calculations by taxpayers.
- The rules and conditions related to the confidentiality of the information received by ZATCA’s employees regarding real estate transactions subject to tax.
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