The Zakat, Tax, and Customs Authority (ZATCA) on 3 May 2024 announced amendments to the real estate transaction tax (RETT) regulations, including:
- For purposes of the RETT exemption for transfers of property from an individual to a company, such property must be recognized as an asset in the books of accounts before the effective date of the regulations and such individual must be a shareholder in the company on the date of recognizing the…