Latest news with #TaxationSociety
Gulf Insider
09-04-2025
- Business
- Gulf Insider
Saudi Arabia's Real Estate Transaction Tax is A Game-Changer
Saudi Arabia's new tax rules on real estate transactions have taken effect, offering a significant boost to property ownership among its citizens. At the same time, the full benefits of the update Real Estate Transaction Tax will extend across all layers of deal-making in the sector, according to industry sources. The RETT brings in a flat 5% tax on most real estate transactions, 'including sales, transfers, and other property-related dealings, regardless of whether the parties are individuals or businesses'. The updated RETT came into effect Wednesday (April 9). When it comes to individual investors, there are specific exemptions, according to Naveen Sharma, Chairman of the Taxation Society. Family-related transfers: Transactions such as gifts between close relatives (up to the third degree), inheritance divisions, and spousal transfers are exempt from the 5% tax obligation. First-time homebuyers: Saudi citizens purchasing their first residential property are exempt from tax on properties valued up to SR1 million, with the government covering the tax for qualifying transactions2. Other exemptions: Transfers to charitable organizations, endowments, or under certain governmental housing initiatives are also RETT-exempt. 'While individuals are subject to the RETT on property transactions, these exemptions significantly reduce the tax burden for specific scenarios, particularly for Saudi nationals and family-related transfers,' said Sharma. Saudi Arabia has brought in a wave of reforms across its property market, the latest being measures taken to speed up availability of land for development and stabilize rentals in Riyadh. Then, there has also been the opening of freehold rights to foreign investors, the gains from which are starting to show up. These moves to open up the property market are backed by newly updated and transparent tax laws, which is what the RETT is all about. 'The new RETT marks a transformative step in Saudi Arabia's real estate market,' said Sharma.
Khaleej Times
27-03-2025
- Business
- Khaleej Times
Taxation Society celebrates International Women's Day with inspiring leadership discussions
Taxation Society hosted an inspiring International Women's Day event bringing together prominent leaders, professionals, and changemakers to celebrate the achievements of women in taxation, finance, and leadership. The event was graced by chief guest Shri Satish Kumar Sivan, Consul General of India to Dubai and Northern Emirates, and guest of honor Ismail Al Naqi, director general of the Free Zones Authority of Ajman, along with accomplished women leaders who shared insights on challenges and opportunities in leadership, resilience in business, and women empowerment. A thought-provoking keynote address by Shilpa Aggarwal, chairperson of BNW Entertainment, set the tone for the day, offering powerful insights on women's leadership, business growth, and inspiring attendees to embrace change and lead with confidence. The event featured two engaging panel discussions: Challenges and opportunities for women in leadership - exploring barriers women face, strategies for breaking the glass ceiling, and the role of mentorship in career advancement. Women in business: navigating change, leading with resilience - focusing on how women entrepreneurs and professionals adapt to change, embrace innovation, and drive business growth in evolving industries. The event concluded with a warm Iftar gathering, fostering a spirit of collaboration, reflection, and empowerment. The Taxation Society's International Women's Day celebration served as a platform to honor achievements and inspire future leaders.
