RIYADH — The Zakat, Tax and Customs Authority has proposed a new regulation to impose maximum fines amounting to SR50,000 for providing false information about real estate transactions. The authority has invited public comments about the draft Article 15, Paragraph 3 of the “Classification of Violations and Penalties for Real Estate Transaction Tax” Law through the Istitlaa public survey platform during the period between September 3 and October 3. The draft regulation stipulates that anyone who violates any provision of the law or its regulations shall be subject to a fine not exceeding the value of the tax due or SR50,000, whichever is greater. The authority stated that the draft aims to classify violations and penalties related to real estate transaction tax. This will contribute to enhancing governance of its application, standardizing procedures for dealing with it, and strengthening clarity and transparency for all parties involved in real estate transactions regarding violations, applicable penalties, and the mechanism for enforcing them. Under the provisions of the law and its executive regulations, failure to register a real estate transaction is punishable by a fine ranging from SR5,000 to SR50,000. Failure to maintain the required tax documents and records within the specified legal timeframes incurs a fine ranging from SR5,000 to SR50,000. Failure to cooperate with the authority during inspection procedures or to provide any requested information incurs a fine ranging from SR1,000 to SR50,000.According to the regulations, failure to cooperate with the authority employees during inspection procedures, refusing to allow authority employees access to all books, records, invoices, or accounting documents held, or preventing them from making copies and retaining them for inspection purposes, incurs a fine ranging from SR1,000 to SR50,000. Violating any provision of the regulations or bylaws incurs a fine ranging from SR1,000 to SR50,000.