About the Initiative
This initiative involves the development and implementation of:
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A fee system to monetize regulatory services and key partner services, aligning with the Authority’s goal of achieving financial sustainability.
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Mechanisms leveraging Value-Added Tax (VAT) to design incentive systems that promote development and attract investments in real estate assets across the Kingdom.
Contribution to the Strategic Objective
A transparent and sustainable real estate sector.
Pillar
Sector Empowerment and Sustainability
Related Outputs
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Coordination with the Non-Oil Revenue Center, which led to the replacement of the 15% VAT on real estate with a 5% Real Estate Transaction Tax (RETT), and approval of this change.
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Submission to the Royal Court of a proposal to utilize the RETT as an incentive tool to stimulate the real estate sector in targeted development areas.