Saudi minister says citizens redeem 15% VAT spread on selling homes

Minister of Housing Majed Al Hogail said citizens can redeem the 15% value-added tax (VAT) spread when selling homes.

In an interview with Al Arabiya TV, Al-Hogail said the General Authority for Zakat and Tax (GAZT) is enacting some regulations to protect all parties.

King Salman earlier issued a royal decree, exempting real estate supplies from the VAT, once the provisions of this decree come into effect. The Kingdom will cover a real estate transaction tax of SAR 1 million maximum from the first-home purchase price, according to the data compiled by Argaam.