The spokesperson of the General Authority for Zakat and Income, Hammoud Al-Harbi, explained that the real estate disposal tax is a tax of (5%) calculated from the total value of disposal of real estate, which includes the sale, will, financial leasing, and leasing ending with ownership, regardless of its condition, form, or use at the time of disposal.
Al-Harbi reviewed, during a workshop organized remotely by the Asharqia Chamber represented by the Real Estate and Urban Development Committee, entitled “Real EstateTax”, Thursday, October 22, 2020, the fields of tax application and cases excluded from the application, which amount to approximately (12) cases.
He also talked about taxable real estate transactions, explaining that all transactions that take place by way of sale and the like are subject to the real estate tax, and he also referred to the simple guide and the information it contains comprehensive awareness of all procedures related to real estate tax and provided an explanation of the terms of the executive regulations for the tax and the procedures for payment worth.
Al-Harbi said that the tax aims to support citizens and real estate developers, indicating the differences between it and the value-added tax.
The meeting comes within the framework of the committee’s efforts and in cooperation with the General Authority for Zakat and Income to shed light on the real estate tax, and the most prominent of what is related to the real estate sector and urban development due to its important role in national development in order to achieve the goals of Vision 2030.
Source: Asharqia Chamber