- Saudi Arabia’s Zakat, Tax and Customs Authority (ZATCA) published amendments to the real estate transaction tax (RETT) implementing regulations on 3 May 2024
- The amendments include expanded exemption for real estate investment funds, guidance on transfer dates for RETT in BOOT contracts, and a new provision regarding ownership change due to public offerings
- The expanded exemption for real estate investment funds now includes transfers for leasing purposes, removes timing restrictions, and introduces new eligibility conditions
- The transaction date for BOOT transactions is now defined as the date of transfer of ownership or possession, with RETT due within 30 days of transfer
- A change in ownership due to a public offering no longer violates ownership percentage conditions for RETT exemption
- Deloitte Saudi Arabia views the amendments as broadening RETT exemptions, providing clarity and encouraging real estate investment and market activity.
Source: taxathand.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
