“Incentive rewards” for tracking down tax violators “real estate actions” in...

“Incentive rewards” for tracking down tax violators “real estate actions” in Saudi Arabia


Saturday – 1 Rabi Al-Awal 1442 AH – 17 October 2020 AD Issue No. [
15299]

Whistleblowers of real estate tax violations in Saudi Arabia are given incentive rewards (Asharq Al-Awsat)

Riyadh: «Middle East»

The General Authority for Zakat and Income in Saudi Arabia has disclosed amendments to current legislation that include incentive bonuses for reporting violators of the tax regulations recently enacted by Saudi Arabia in the context of strengthening state finances and developing non-oil financial resources in the country.
The authority said in a statement issued yesterday that the second article of the list of incentive bonuses for those reporting tax breaches has now included a list of violations of the real estate disposal tax system, indicating that the amendment consists in updating the list of violations that are reported in accordance with the provisions of Article Two of the regulation.
According to the amendments, a new paragraph was added to the number (5) of the second article of the list of incentive bonuses for whistleblowers, as it includes the most prominent violations of real estate disposal tax that require reporting, namely non-disclosure of a real estate behavior, and calculating the tax at a value less than the fair market value of the action. And violations of tax evasion, and finally, unrealistic transactions and actions that do not reflect the value of the tax due.
The amendment comes after the recent announcement of the application of a 5% real estate disposal tax, by royal decree, whereby real estate transactions are defined as “any legal act that transfers property ownership or possession. This includes, for example, selling, wills, bartering and leasing, finance leasing, and transferring stakes in real estate companies.
The General Authority for Zakat and Income called on those wishing to view the list of incentive bonuses for whistleblowers, after updating it, urging everyone to cooperate with it and to report any tax violations, through official channels or the application of the value-added tax, as the Authority provides incentive bonuses to those who report tax violations at 2.5% Of the value of violations and fines, with a maximum of one million riyals, or a thousand riyals as a minimum.

Saudi

The Saudi economy

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