If the value of the gifted property exceeds 50 thousand dinars
- Government: The draft law affects the revenues of the state’s public treasury
The Parliamentary Facilities and Environment Committee approved a draft law amending Article (59) of the Real Estate Registration Law issued by Law No. (13) for the year 2013, which includes exempting citizens from performing the fees for sales contracts, bartering and donations in which the value of the gifted property exceeds fifty thousand dinars, in the event of a registration or transfer of ownership of residential lands, buildings and residential apartments, and without others, for one time.
The project aims to preserve real estate transactions and keep them away from the recession, which poses a risk to the market value of real estate in the Kingdom, and to help citizens in general and low -income people in particular; To alleviate some of the financial costs that the citizen incurred in the event of a residential property, as the fees for registration and transfer of property ownership are relatively large, which exhausts the citizen, and affects his financial infection.
The Council of the Council stressed that the provisions of the bill would arrange financial effects on the state’s general budget, as this will lead to a decrease in revenues and the increase in older women, which is not in line with the goals of the financial balance program for the state currently in force. The government has requested a review of the draft law; Because the proposed amendment would prejudice the revenues of the state’s public treasury, which is estimated at the budget law, increasing the deficit of the public budget and the size of the public debt, and breaching the financial balance program, in line with its desired targets, which are considered one of the most important pillars and principles that were based on preparing the public budget project for the two financial years (2023-2024).
She stated that the purpose of the project is the law is realized on the practical reality, as most of the low -income citizens buy their homes through housing loans, and they are exempt from performing the fees imposed under the laws and regulations in force in the Kingdom, and the draft law is missing to provide appropriate solutions to what may be raised in practice, in addition to the fact that the draft law will open the door to defraud the provisions of the law.
The Survey and Real Estate Registration Authority indicated that the basic principle in the established fees is performance, and the exemption from them is the exception, and according to the fundamental rules; The exception is estimated by its value, and it is not expanded, and the approval of the draft law will lead to prejudice to the state’s public treasury revenues in a very touching way; This is because the percentage of the revenues of the device obtained from the two items (first and third/4) of Article (50) is a very high percentage of the agency’s revenues, stressing that the purpose of the draft law is achieved on the practical reality.
