White land tax to generate SAR 1-2 bln annual revenue: Al Hogail

04/05/2017 Argaam

Saudi Arabia’s housing ministry expects the tax on undeveloped land to deliver revenue between SAR 1 billion and SAR 2 billion annually, Reuters reported on Wednesday, citing housing minister Majed Al Hogail.

 

Saudi Arabia’s white land tax, which came into effect in June last year, was among several reforms implemented by the ministry to develop the market and tackle the Kingdom’s housing shortage crisis.

 

The Saudi government also enhanced financing rules to encourage mortgage lending.

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