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Undeveloped Land Tax Proposed In Saudi Arabia

by Lorys Charalambous, Tax-News.com, Cyprus

28 October 2015


The Government of Saudi Arabia has proposed levying a tax on undeveloped land at a rate of up to SAR100 (USD27) per square meter.

The proposed tax is intended to tackle a housing shortage in the country by encouraging landowners to develop their land. It would also allow the Government to raise additional revenue to help offset the negative effects on the economy of low oil prices.

Saudi Arabia's Shura Council, an advisory body to the Government, is expected to complete its review of the proposal within 30 days.

Saudi Arabia and the other Gulf Cooperation Council (GCC) states – Bahrain, Kuwait, Oman, Qatar, and the United Arab Emirates – have been exploring ways of boosting non-oil revenues in order to achieve sustainable economic growth. Among the measures being explored is a GCC-wide value-added tax (VAT). Earlier this year officials from the member states of the GCC concluded a draft agreement on implementing the VAT.

TAGS: United Arab Emirates | tax | economics | value added tax (VAT) | Kuwait | Saudi Arabia | property tax | fiscal policy | real-estate | Bahrain | Qatar | tax rates | tax reform | construction | Gulf Cooperation Council | Oman

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