Al-Marsad Newspaper: The Executive Regulation of the Real Estate Expropriation and Temporary Seizure of Real Estate System, published today by the “Umm Al-Qura” newspaper, approved the addition of 20 percent of the value of damages to the expropriated properties in the scope of the Diriyah Gate project.
The regulation approved by the Council of Ministers on November 22 revealed that this percentage is added to the compensation for expropriated properties.
He indicated that in the event that the compensation is in kind, the expropriation of his property is exempt from white land taxes on the alternative property, if it is land for a specific period, notwithstanding the white land tax system issued by royal decree, provided that the ministries of finance and municipal and rural affairs and housing agree to determine that period.
The legislation envisaged that the State should bear the tax on the real estate disposition resulting from the purchase of a replacement property for the expropriated property, provided that what was borne by the State falls within the limits of the tax levied on the purchase process, if whether the full amount of compensation or not, and that this burden exists in the event that the process of buying the property takes place within a period not exceeding five years from the date of receipt of the amount of compensation.
