GAZT receives over 8,286 property registration requests under new tax in last 3 days

The General Authority of Zakat and Tax (GAZT) said that the number of property sales registration requests submitted through the recently-launched real estate deal tax service, reached a record level in the past three days, exceeding 8,286 across the Kingdom. 

Riyadh came first among the cities with 234 requests, followed by Jeddah with 104 requests, the authority said in a statement.

GAZT said that the real estate transaction tax service is one of the e-services that enable taxpayers to register properties under the new tax before completing property transfers or contract documentations.  

The service also helps taxpayers know the levy imposed on the properties planned for sale, and allows issuing a payment bill with the tax due. 

According to the data available on Argaam, King Salman recently issued a royal decree, exempting real estate from value added tax (VAT), and imposing a "real estate disposal tax" at a rate of 5%.