Wednesday, December 23, 2020
Decision to Localize Accounting Professions in Private sector by 30% from June 2021 - Minister of HR
The Minister of Human Resources and Social Development of Saudi Arabia, Eng. Ahmed bin Sulaiman Al-Rajhi, issued a ministerial decision to localize the accounting professions in the private sector that employed 5 employees or more with accountant professions at a rate of 30%.
The Human Resources and Social Development system provides incentives to support private sector companies in hiring, training, qualifying and empowering Saudi accountants in the Saudi labor market.
- The decision to be effective from 12th June 2021 and aims to provide decent job opportunities for qualified national cadres in the labor market, and to promote productive and sustainable Saudiization of jobs. Read : One million riyals fine and 1 Year jail for employing unlicensed engineers in Saudi Arabia
- The decision to nationalize the accounting professions aims to provide more than 9,800 job opportunities to Saudi nationals. Where many accounting professions were targeted, mostly, Accounts Manager, Director of Zakat and Taxes Department, Director of Financial Reports Department, Director of General Auditing Department, Internal Auditor, Cost Accountant and others.
- As per the decision, Saudi accountants are required to obtain professional accreditation from the Saudi Organization for Certified Public Accountants (SOCPA). The Saudi accountant is also required to earn a minimum of 6000 riyals for bachelor degree holders and 4,500 riyals for diploma holders. See Also : Five groups prohibited from taking Coronavirus vaccine
- The Ministry seeks to raise the contribution of national cadres, male and female in the Saudi labor market, to increase the productivity of national human cadres through various capabilities and continuous training.
