The finance minister said that the order aimed to support Saudi citizens who want to buy homes.
The Custodian of the Two Holy Mosques, King Salman bin Abdulaziz of Saudi Arabia on Friday issued an order exempting real estate deals from a 15 per cent value-added tax (VAT) and imposed a new 5 per cent tax on transactions as the Gulf state moves to revitalise an economy hit by low oil prices and the Covid-19 pandemic.
The finance minister said on Twitter that the order, carried on state media, also aimed to support Saudi citizens who want to buy homes.
– SPAENG (@Spa_Eng) October 2, 2020
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