Saudi Arabia: Undeveloped Land Will be Taxed
Type
E-journal
Date
15 Jan 2015
Jurisdiction
Saudi Arabia
Taxonomy
General Commercial Law, Property Taxes, Regulatory Compliance
Copyright
LexisNexis
Analysis
According to local media reports, Saudi Arabia's Housing Minister, Shuwaish Al Duwaihi has announced plans to tax undeveloped land, to tackle the problems of high prices and a lack of suitable accommodation for many Saudis.
Much of the urban land in the country is owned by wealthy individuals or companies who prefer to hold onto it, or trade in it, rather than develop it.
The Ministry has submitted a detailed study which included a recommendation for the plan to be approved.
For full story see: Saudi Arabia: Undeveloped Land Will be Taxed