Riyadh – Mubasher: The value added tax (VAT) will be applied on the Saudi real estate sector by 5%, with the exception of the residential renting or licencing the property, said the General Authority of Zakat and Tax (GAZT).
The residential property includes a residence for the purpose of permanent housing, not for business purposes, in addition to other properties used for housing, school, and university students, the Saudi press agency (SPA) reported, citing the GAZT as saying.
On Thursday, the GAZT stated the Saudi businesses whose revenues ranged between SAR 375,000 and SAR 1 million are required to register for the VAT by 20 December 2018 to avoid any sanctions.
