Sumou says no impact of White Land Tax on financials

Sumou Real Estate Co. says none of its land falls under White Land Tax

Sumou Real Estate Co. stated that its land portfolio does not fall under the scope of the White Land Tax.

Accordingly, there is no financial impact and the company will not bear any taxes that would affect its financial position due to the amended White Land Tax Law, Sumou added in a statement to Tadawul.

Meanwhile, the company affirmed that the nature of its business model as a real estate development service provider opens new horizons for growth through integration with landowners, building partnerships with them, and transforming the burden of the White Land Tax into investment opportunities that contribute to achieving the government’s urban development objectives and stimulating real estate supply.

According to data available on Argaam, the Ministry of Municipalities and Housing announced last month the geographical zones for the White Land Tax in Riyadh, where the annual tax rate applicable to a white land plot (or a group of white land plots) is determined based on their location within these designated zones.