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.