Saudi Arabia bans grocery stores from selling tobacco products    Saudi Arabia to expand railway network by over 50% under transport strategy    'Not our war' — Trump's Nato weapons deal for Ukraine sparks MAGA anger    Saudi Arabia voices support for Syria's unity, condemns Israeli violations    Health official warns against unsupervised use of weight-loss drugs like Ozempic, Mounjaro    GASTAT: Inflation remains stable at 2.3% in June    Saudi Arabia leads MENA in venture capital with $860 million in H1 2025    Saudi tech and innovation delegation explores AI and space partnerships in UK    SFDA refers illegal cosmetics facility to prosecution over expiry date tampering    King Salman chairs Cabinet session, endorses international cooperation and national development initiatives    'Why are you not preventing settler terrorism': Palestinians call out IDF following beating death of American    Former Israeli leader says 'humanitarian city' in Gaza would be a 'concentration camp'    King Fahad National Library extends weekend hours    Biggest human imaging study scans 100,000th person    Beyoncé's unreleased music stolen from car during Cowboy Carter tour    First Harry Potter image released as production begins    Jorge Jesus returns to Saudi Arabia as Al Nassr head coach on one-year deal    Jannik Sinner beats Carlos Alcaraz to win his maiden Wimbledon title    Chelsea defeat PSG 3-0 to win first expanded Club World Cup    Theo Hernández: Al Hilal can compete with Europe's best    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Pakistani star's Bollywood return excites fans and riles far right    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Al-Hoqail: White Land Tax Law amendment will spur development, supply of real estate
Published in The Saudi Gazette on 14 - 04 - 2021

RIYADH — Minister of Municipal and Rural Affairs and Housing Majed Al-Hoqail said that amendments to the executive regulations of White Land Tax (WLT) Law, approved by the Council of Ministers on Tuesday, will spur the Kingdom's development march and supply of real estate.
He thanked Custodian of the Two Holy Mosques King Salman and Crown Prince Muhammad Bin Salman for the Cabinet's decision to approve the amendments.
He said in a press statement that the Cabinet decision comes within the framework of the government's continuous support and keenness on the housing sector, and also contributes to motivating white land owners to develop and increase their plots of land as well as to boost the real estate supply, in a way that reflects positively on citizens and the sector in general.
"A positive impact has been achieved during the past years following the application of WLT in a number of cities, and its role in the growth of the development march and boosting the real estate supply," he said.
The new amendments to the executive regulations stipulate three implementation phases. The first phase includes undeveloped plots of land with an area of 10,000 square meters or more, which fall within the scope specified by the ministry.
The second phase includes developed plots of land with an area of 10,000 square meters or more for a single proprietor of 10,000 of square meters or more in one housing plan within the scope specified by the ministry.
The third phase covers developed land with an area of 5,000 square meters or more, and the total area of developed plots of land for a single owner is 10,000 square meters or more in one city within the scope specified by the ministry.
The amendments included the possibility of applying more than one phase of implementation in one city.
Moreover, the ministry would conduct and periodically review the situation in any city to decide whether to apply taxes to plots of land there or suspend application of tax, or implement one or more phases to bypass a certain phase and move to the next phase in the same city.
It is noteworthy that the WLT program is being implemented in its first phase in Riyadh, Jeddah, Dammam and Makkah, and the total payment orders in the four cities reached about 5,500 for a total area exceeding 411 million square meters.
The program has recently announced its expansion in a number of cities, including Madinah, Asir, Jazan, Taif and Tabuk.
Saudi Arabia decided in 2016 to capitalize on undeveloped land in urban areas, which makes up 30 percent of those areas. A 2.5 percent tax, based on land value, was issued to landowners who had purchased plots but left them undeveloped.
The WLT program aims to increase the volume of plots available to develop urban areas, offer residential land at reasonable prices, and provide fair competition while stopping land monopolization.


Clic here to read the story from its source.