The Zakat, Tax and Customs Authority (ZATCA) has registered more than 543,000 real estate transactions as part of the Real Estate Transaction Tax (RETT) in various regions, cities and governorates of Saudi Arabia, since the implementation of RETT on 4 October 2020.
Riyadh came in the first place with 125,110 registered real estate transactions, followed by Jeddah with 55,680 transactions. Buraidah registered 20,462 transactions and Makkah recorded with 18,955 transactions. Al Madinah registered 18,557 transactions.
The Real Estate Transaction Tax (RETT) is an electronic service that enable business sector individuals and taxpayers to register their properties in RETT before completing the real estate conveyance or documenting the contract. It also enables them to know the extent to which their properties are subject to the tax, as well as the issuance of payment invoices to the tax due amount.