Saudi cabinet impose 2.5% fee on undeveloped land
The 2.5% fee on undeveloped land was approved following the recommendation of the Kingdom's Shura Council
Saudi Arabia's cabinet have imposed a 2.5% fee on undeveloped land within city limits intended for residential or commericial use.
The fee was agreed during a meeting which was chaired by King Salman.
Reflecting the recommendation of the Kingdom's Shura Council, the fee will be imposed as a percentage of the land's value.
The government has been considering for years whether to use taxes as a solution to bring down prices and help citizens own their own homes.