Al -Jadaan: The new expropriation system achieves fair compensation and keeping public money
The Minister of Finance, Chairman of the Board of Directors of the State Real Estate, Muhammad Al -Jadaan, said: The approval of the Council of Ministers on Real estate expropriation system for the public interest and putting a temporary hand on real estate, comes within the organizational and legislative developments witnessed by Saudi Arabia in the light of Vision 2030.
Al -Jadaan added, that the system aims to unify the procedures for expropriation of real estate and the status of the temporary hand on it, and develop it in an easy and transparent manner, and achieve the public interest, in addition to ensuring the achievement of fair compensation for real estate owners It is scheduled to be expropriated and the authorities who have projects. General The Governor of the General Authority for State Real Estate, Dr. Abd al -Rahman al -Harakan: The system guarantees the rights of the owners and entities that have projects in all its articles, including the evaluation of real estate made through accredited evaluators from the Saudi Commission for the accredited assistants, according to the valuable value of the fair market, with the addition of 20% to that value instead of tendency, as well as the tax fee in addition to 20% of that value in compensation for the temporary hand status. "The system included the exemption of the owners ’property from the real estate actions tax for a period of five years, equivalent to the tax value of the amount of compensation or less of it, when purchasing alternative real estate from the commotted real estate, and this exemption begins from the date of their receipt of the amount". Begin to remove removal.
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