White land tax prompts development of 3 mln sqms in Riyadh : report

21/01/2018 Argaam

 

The execution of 'white (vacant) land tax' program has prompted land owners to develop up to 3 million square meters in Riyadh alone, Al-Eqtisadiah newspaper reported on Sunday.

 

Saudi Arabia’s housing ministry had applied an ad-hoc tax on undeveloped land, asking owners to either develop their vacant lands or be subject to the levy.

 

The ministry isssued last year tax bills for 327 plots of land making up a total area of 118 million square meters in Riyadh alone, Argaam reported.

 

The ministry urged landowners to pay the fees within a year from the date of issue.

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