Understanding the RETT approach has been saved
Understanding the RETT approach
The Real Estate Transactional Tax (RETT) was first introduced in the Kingdom by Saudi Arabia (KSA) Ministerial Decision No. 712/1442 on 4 October 2020 when the Implementing Regulations covering Tax imposed on Real Estate Dispositions took effect.
Following its introduction, it is important to note that many changes have been made regarding the RETT Tax Implementing Regulations in KSA, especially in the year of 2022. From having a couple of additions to the existing exemptions, and the available inheritance exemptions, to introducing specific exclusions of unincorporated joint ventures, it is now clear that there are many notable RETT changes to have been brought in.
To explain the impact of these changes and the areas where clarifications are still needed, we wrote an article in collaborated with LexisNexis Middle East which is available for download here.