As detailed below, it is imperative for the Kingdom of Saudi Arabia’s (KSA) real estate developers and others whose land and property related supplies became Value Added Tax (VAT) exempt since 4 October 2020, to review their capital assets portfolio. Adjustments may be required if such assets will be subject to an exempt supply from the above mentioned date. In some cases, these taxpayers may face adverse adjustments to previously recovered input VAT.
Source: Deloitte
