Saudi advisory body endorses tax on undeveloped land
Under the proposal, fees will be imposed as a percentage of the land’s value
Saudi Arabia’s Shura Council, the body that advises the government on legislation, endorsed a tax on undeveloped land aimed at encouraging development and solving a housing crisis, local newspaper al-Riyadh reported on Tuesday.
Fees will be imposed as a percentage of the land’s value, the legislative body decided, but rejected a cabinet proposal to limit fees to $27 per square meter. The legislation will be passed to the king this week for his approval, it said.
Also Read
-
Saudi advisory council to discuss land tax, MSCI inclusion
The council will also discuss a report by the stock market regulator on trying to have the Saudi market join MSCI’s emerging markets index Economy -
The economic impact of Saudi land tax proposal
Saudi Arabia's housing minister said the cabinet has submitted a proposal to the Shura Council to impose a fee of no more than $26.67 (SAR100) per ... Reports -
Saudi policy body to consider taxing unused urban land
The move is part of a plan to end a housing shortage in the world’s top oil exporter Property
