{"id":85801,"date":"2024-05-05T00:00:00","date_gmt":"2024-05-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/05\/no-real-estate-tax-payable-if-you-effectively-sell-yourself-a-property-you-already-own-zatca\/"},"modified":"2024-05-05T00:00:00","modified_gmt":"2024-05-05T00:00:00","slug":"no-real-estate-tax-payable-if-you-effectively-sell-yourself-a-property-you-already-own-zatca","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/05\/05\/no-real-estate-tax-payable-if-you-effectively-sell-yourself-a-property-you-already-own-zatca\/","title":{"rendered":"No real estate tax payable if you (effectively) sell yourself a property you already own \u2013Zatca"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>P<\/strong><strong>roperty owners aren\u2019t on the hook for real estate transaction tax (Rett) if <\/strong><strong>they\u2019re just moving ownership from one pocket to another<\/strong>, the Zakat and Tax Authority (Zatca) said in a <a target=\"_blank\" href=\"https:\/\/zatca.gov.sa\/en\/MediaCenter\/News\/Pages\/news_1232.aspx\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The 5% Rett comes into effect any time an owner sells a property to someone else.<\/strong> Zatca is offering comfort to property holders that they won\u2019t be taxed in some cases where they make their real estate assets an \u201cin-kind\u201d contribution to another investment. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Property owners won\u2019t be required to pay the Rett if:<\/strong><\/p>\n<ul>\n<li>They\u2019re contributing a property they own to a real estate investment fund instead of using cash to subscribe to the fund. Owners can contribute a property to a fund at any time and different kinds of real estate funds (subject to a handful of terms and conditions);<\/li>\n<li>They\u2019re transferring ownership of a property to a company in which they already hold shares.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Individuals who transfer their ownership of a real estate property to a company in which they own or owned shares are now exempt from the tax<\/p>\n","protected":false},"author":1,"featured_media":85802,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2644],"tags":[10,106,344],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-85801","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regulation-watch","tag-enterpriseam-ksa","tag-real-estate","tag-regulation-watch","wpautop","entry"],"acf":{"mongo_id":"8be149df-9603-48f4-a9e0-86a205543459","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/2164.jpg","photo_position":"above","homepage_title":"","full_issue_title":"No real estate tax payable if you (effectively) sell yourself a property you already own \u2013Zatca","related_issue":[85786],"teaser":"Individuals who transfer their ownership of a real estate property to a company in which they own or owned shares are now exempt from the tax","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/5\/.828a6058-267e-4568-a691-820c71407ba6.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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