Late RETT payment penalty
Deal closed and RETT paid late. Penalty?
The situation
Late payment of RETT attracts 5 percent of unpaid tax for each month or part month. Fines for wrong disclosures are charged separately.
The law
- RETT Implementing Regulations, penalties: Late payment 5 percent per month; non-disclosure fine from SAR 10,000 up to the tax value
What it means for you
Example: SAR 60,000 unpaid for 45 days = two parts of a month: SAR 6,000. Inaccurate disclosure has a separate fine of at least SAR 10,000. Pay at once.
What to do
- Pay tax.
- Pay penalty.
- Check records.
We can do this for youReal Estate Transaction Tax on a property sale: 5 percent RETT, exemptions and first home support: SAR 1,500