Saudi Arabia issues 59,000 VAT exemptions for first-time homebuyers in H1 2019

18/07/2019 Argaam

 

Saudi Arabia has issued 58,790 value-added tax (VAT) exemption certificates for first-time homebuyers in H1 2019, the Ministry of Housing said in a statement.

 

The ministry issued 36,910 exemptions for its beneficiaries, while 9,095 exemptions were issued to the Real Estate Development Fund’s (REDF) beneficiaries and 12,790 to others, it added.

 

In January 2018, King Salman issued a royal decree stating that the state should bear the VAT of the citizens’ first houses worth up to SAR 850,000.

 

Read: King Salman orders new allowances, tax breaks to offset higher cost of living

 

In July, the ministry launched a web portal for VAT exemption registrations.

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