Saudi Arabia Amends Regulations for Real Estate Transaction Tax Including Additional Exclusions

The Saudi Zakat, Tax, and Customs Authority (ZATCA) has issued a release announcing amendments to the executive regulations for the Real Estate Transaction Tax (RETT). The RETT was introduced in October 2020 at a rate of 5%, replacing VAT on real estate supplies. The main amendments to the regulations are summarized as follows:

• Article 3 is amended in regard to the types of transactions that are excluded from the RETT, including five additional exclusions (paras 16, 17, 18, 19, and 20):
  • 16 …