6 Hrs
Source:
الوئام
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New White Land Rules
The Ministry of Municipalities and Housing has approved rules allowing real estate transactions involving land subject to fees to be documented in seven cases: when land is contributed to a real estate investment fund; when an estate is divided; when it is sold to a buyer who will develop it during the additional grace period; when it is subdivided or consolidated among owners for development; when the transaction is made pursuant to a court ruling; when it is part of an off-plan sale or lease project; or when the state is a party to it or it is connected to expropriation for the public interest. These rules do not waive the fees. Payment of amounts due must be verified before documenting transactions that transfer ownership, while documentation of transactions that do not transfer ownership is regulated in a way that protects the state’s rights and enables development. In Riyadh, the fees apply to land parcels of 5,000 square metres or more. They are charged annually at rates ranging from 2.5% to 10% across four tiers. Taxpayers may file an objection within 60 days, and the committee must rule on it within 60 days of its submission.
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