The Saudi Arabian Zakat, Tax and Customs Authority (ZATCA) released the draft Real Estate Transaction Tax Regulations for public consultation. This follows the recent enactment of the Real Estate Transaction Tax Law (“RETT Law”) under Royal Decree No. M/84 and published in the Official Gazette on 11 October 2024.
The new RETT Law will come into effect on 9 April 2025 which is 180 days from the date of its publication in the Official Gazette. In light of the new RETT Law, the ZATCA has published the draft RETT Regulation (“draft RETT Regulation”) which represents significant updates to the existing framework and will impact real estate transactions in the Kingdom of Saudi Arabia (KSA).
Source: Baker McKenzie
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