Friday, October 16, 2020
Saudi Arabia approves ban on dealings with Cash in Real Estate
Shoura Council in Saudi Arabia has approve a ban on cash dealings of real estate and brokerage businesses as the Kingdom is going ahead with digital transformation in various fields.
The Shoura Council voted this week for tasking the Real Estate General Authority with monitoring the real estate market in order to determine the impact of new added VAT that recently came into effect in Saudi Arabia. Trending : EgyptAir gifts free lifeline air ticket to newborn baby girl
- Starting July 2020, Saudi Arabia has started collecting VAT of 15% than earlier 5% on goods and services as part of measures to reduce the impact on economy due to the spread of new Covdi-19 and fall in oil prices.
- The Council has called the Real Estate General Authority to devise controls to stop dealing with cash at real estate brokerage offices as well as develop a data base to take stock of the number of buildings in the Kingdom and categorize them reports Gulf news. Recommend : Saudi Arabia announces grand air show on 90th Saudi National Day
