The Zakat, Tax and Customs Authority (ZATCA) made amendments to the executive regulations for real estate transactions tax, which included a number of transactions excluded from the application of tax.
The excluded transactions include a person offering his own property as an in-kind share in exchange for investment units in a real estate investment fund. This is in addition to transferring the ownership of a property to a company in which he owns shares for correcting ownership.
This also included amending the due date for the build-own-operate-and-transfer (BOOT) projects, the authority said in a statement.
The real estate transaction tax is imposed at a rate of 5% of the total value of the real estate transaction, according to which the ownership of the real estate is transferred from a person or establishment to another person or establishment. This is through either sale, exchange, gift or similar other real estate transactions, with the presence of some exempted actions, Argaam earlier reported.
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