The vacant lands programme aims to increase the supply of land, and reach a balance between supply and demand, in addition to overcoming the lack of data and information on land in the Kingdom.
Saudi's Housing Ministry plans to set up an operating company to manage the vacant land fees programme in the Kingdom.
The ministry will announce decisions on the payment of fees by land owners in December, Mohammad Al-Mdaihem, the chief of the vacant land fees program, said.
The aptly named Tax Law on Vacant Lands itself states the following aims:
An annual tax will be levied on vacant lands owned by non-government persons at the rate of 2.
The Tax Law on Vacant Lands will commence in force after it has been published in the official gazette of the Kingdom (which is expected to occur in June 2016).
Main features: emergency control properties or vacant lands of the heritage of the city of Marseille 1.
Contract notice: Security Setting Real Property Or Vacant Land Heritage Of The City Of Marseille
The Ministry of Housing is studying the possibility of imposing fees on vacant lands located within city urban plans.
Meanwhile, Abdulhamid Al-Amri, a member of Saudi Economic Association (SEA) and a well-known economic expert, said the imposition of fees on vacant lands will eradicate monopoly over these lands, in addition to luring investors to enter in the area and creating more jobs to community members.
The imposition of fees on vacant lands is a major initiative that should come within a wider range of economic reforms, the economic expert said.