Saudi Arabia exempts realty sector from 15% VAT, sets new tax at 5%

Saudi Arabia exempts realty sector from 15% VAT, sets new tax at 5%

King Salman issued a royal order early Friday relating to the real estate sector in the Kingdom. The order exempts real estate deals from a 15% VAT and imposed a new 5 percent tax on transactions; the SPA reported. Commenting on the move, Saudi Arabia’s Finance Minister Mohammed Al-Jadaan tweeted; saying: “The royal order aims to...

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