ZATCA proposes allowing developers to redeem VAT retroactively

14/01/2024 Argaam
Logo of The Zakat, Tax and Customs Authority (ZATCA)

Logo of The Zakat, Tax and Customs Authority (ZATCA)


The Zakat, Tax and Customs Authority (ZATCA) presented, on Istitla platform for public opinion a proposal for allowing the redemption of value-added tax by eligible real estate developers. Feedback will be received no later than February 8, 2024.

 

The proposal includes allowing all real estate developers eligible for redemption, which have deducted VAT incurred on their purchases of goods or services related to real estate supplies to claim a refund of the tax retroactively, as of October 4, 2020.

 

This will be carried out by including that incurred tax in the redemption applications that will be submitted to the authority.

 

The authority obligated the real estate developer to include the tax requested to be redeemed in the application for the period in which the suspension was lifted, up to a maximum of the last period of the calendar year in which the suspension was lifted.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.