ARDCO gets SAR 16.8M white land tax invoices, seeks to appeal

Logo of Riyadh Development Co. (ARDCO)

Riyadh Development Co. (ARDCO) received some tax invoices worth close to SAR 16.79 million, relating to lands located within the geographical zones specified under the White Land Tax Program in Riyadh, the company said in a statement to Tadawul.

The company clarified that it is currently reviewing the tax invoices and completing the necessary regulatory procedures in this regard. It intends to formally appeal against certain invoices in accordance with the approved rules and regulations, exercising one of its statutory rights.

It is currently assessing and developing quality real estate and community development projects on a number of the lands subject to the fees, according to the statement.

The Saudi-listed developer is reviewing leveraging the relevant new regulations and the available exemptions in accordance with the applicable laws and regulations, in a bid to achieve optimal utilization of its assets, in line with its strategy announced in early 2023.

According to Argaam’s data, the company explained earlier that lands subject to taxation include:

1- A land plot in the Ar Rimal district with an area of about 828,580 sqm, to which a 2.5% levy applies.

2- A plot in the Diriyah district with an area of around 18,500 sqm, to which a 10% levy applies.

3- A plot in the Al Malqa district covering 4,860 sqm, to which a 10% levy applies.