Logo of Riyadh Development Co. (ARDCO)
Riyadh Development Co. (ARDCO) received a number of White Land Tax invoices with a total value of SAR 16.79 million, which is related to lands located within the geographical zones specified under the White Land Tax Program in Riyadh, the company said in a statement to Tadawul. 
The company clarified that it is currently reviewing the tax invoices and completing the necessary regulatory procedures in this regard, including submitting formal objections to certain invoices in accordance with the approved rules and regulations, and completing the related statutory requirements, based on the Company’s statutory right to object to such fees.
The company further indicated that it is currently assessing and developing quality real estate and community development projects on a number of the lands subject to the fees.
It is reviewing leveraging the relevant new regulations and the available exemptions in accordance with the applicable laws and regulations, within the framework of achieving optimal utilization of its assets and in line with the company’s strategy announced in early 2023.
According to Argaam’s data, the company explained earlier that the land subject to the tax includes:
1- a plot in the Ar Rimal district with an area of about 828,580 sqm, which falls under the fourth tranche at a 2.5% fee.
2- A plot in the Diriyah district with an area of around 18,500 sqm.
3- A plot in the Al Malqa district covering 4,860 sqm, both subject to the first tranche at a 10% fee.
Logo of Riyadh Development Co. (ARDCO)
Riyadh Development Co. (ARDCO) received a number of White Land Tax invoices with a total value of SAR 16.79 million, which is related to lands located within the geographical zones specified under the White Land Tax Program in Riyadh, the company said in a statement to Tadawul.
The company clarified that it is currently reviewing the tax invoices and completing the necessary regulatory procedures in this regard, including submitting formal objections to certain invoices in accordance with the approved rules and regulations, and completing the related statutory requirements, based on the Company’s statutory right to object to such fees.
The company further indicated that it is currently assessing and developing quality real estate and community development projects on a number of the lands subject to the fees.
It is reviewing leveraging the relevant new regulations and the available exemptions in accordance with the applicable laws and regulations, within the framework of achieving optimal utilization of its assets and in line with the company’s strategy announced in early 2023.
According to Argaam’s data, the company explained earlier that the land subject to the tax includes:
1- a plot in the Ar Rimal district with an area of about 828,580 sqm, which falls under the fourth tranche at a 2.5% fee.
2- A plot in the Diriyah district with an area of around 18,500 sqm.
3- A plot in the Al Malqa district covering 4,860 sqm, both subject to the first tranche at a 10% fee.
