Saudi Arabia: Updated real estate transaction tax law
The Zakat, Tax, and Customs Authority (ZATCA) will be issuing the implementing regulations.
An updated real estate transaction tax (RETT) law, under Ministerial Resolution No. 84 (dated September 22, 2024), will become effective 180 days from its October 11, 2024, date of publication in the official gazette.
The Zakat, Tax, and Customs Authority (ZATCA) will be issuing the updated RETT implementing regulations.
The updated law includes changes related to:
- Undocumented transactions
- Definition of real estate company (Article 1)
- Responsibility for payment of RETT (Article 7)
- RETT exemption (Article 3)
- Time limit for assessment by ZATCA (Article 8)
- Change in penalty provision (Article 15)
For more information, contact a KPMG tax professional:
Philippe Stephanny | philippestephanny@kpmg.com