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Business & Money | Saturday 1 June, 2024 3:29 pm |
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Additional cases of VAT refund by real estate developers

The official Umm Al -Qura newspaper published today, May 31, additional cases to redeem value-added tax (VAT) by real estate developers.
 

 

The developers qualified for VAT redemption who deduct VAT from their purchases of goods or services related to real estate supplies can redeem the tax retrospectively, as of Oct. 4, 2020 or from the date of their fulfillment of the first, second, and third items of the Ministerial Resolution No. (1754) dated Nov. 30, 2020.
 

 

The items include the terms and conditions that should be fulfilled by the licensed and qualified developers to redeem the VAT related to their purchases and exempted real estate supplies.
 

 

The qualified developer should be registered as a taxable person with the authority during the tax redemption period.
 

 

The VAT declarations should be amended in the corresponding tax for the invoices the developer will claim tax redemption as a qualified person provided that the developer submits to the authority the related invoices and documents.
 

 

The developer should have evidence that the VAT to be claimed is paid and related to real estate supplies subject to redemption.

 


 

 

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