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Thursday, 15 April, 2021 - 11:45 The new amendments to the executive regulations of the White Land Tax (WLT) program stipulate three implementation phases, Asharq Al-Awsat Riyadh - Bandar al-Mosalam Saudi Arabia’s Council of Ministers approved on Tuesday a set of amendments to the executive regulations of the White Land Tax (WLT) program, in a move that will boost the Kingdom’s development march and supply of real estate. According to the Ministry of Municipal and Rural Affairs and Housing, the WLT program is being implemented in its first phase in Riyadh, Jeddah, Dammam and Makkah. The total payment orders in the four cities reached about 5,500 for a total area exceeding 411 million square meters. ....
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JEDDAH: After the first phase of the White Land Tax (WLT) program generated SR1.4 billion ($373 million), the Ministry of Housing announced it will push ahead with the second phase of the initiative in the first quarter of 2021. The Kingdom made the decision in 2016 to capitalize on undeveloped land in urban areas, which makes up 30 percent of those areas. A 2.5 percent tax, based on land value, was issued to landowners who had purchased plots but left them undeveloped. The program aims to increase the volume of plots available to develop urban areas, offer residential land at reasonable prices and provide fair competition while stopping land monopolization. ....