Posted by : Aahil Shaik Monday, December 28, 2020

Saudization of 19 Accounting professions to implement from 11th June 2021 in Saudi Arabia

The Ministry of Human Resources and Social Development in Saudi Arabia to start implementing localization of accounting professions from 12th June 2021 covering 19 accounting professions in the Kingdom.

Saudization of 19 Accounting professions from 11th June 2021 in Saudi Arabia

1. Manager of Financial affairs

2. Accounting Manager

3. Manager of Accounts and Budget

4. Manager of Financial Reports department

5. Manager of Zakat and Taxes department

6. Manager of Internation Audit department

7. Manager of General Audit department

8. Head of internal Audit program

9. Financial Controller

10. Internal Auditor

11. Senior Official Auditor

12. General Accountant

13. Cost Accountant

14. Auditor

15. General Accounts technician

16. Auditing technician

17. Financial Audit Supervisor

18. Cost Clerk

- The Ministry of HR to provide a package of incentives to support the private sector in employing Saudi accountants. It includes supporting the recruitment process, searching for suitable employees, supporting training and rehabilitation necessary to ensure job stability for accounts and giving priority to benefit from Saudization support programs.

- In case of the company does not follow to the required Saudization percentage, all electronic transaction for those professions will be stopped. These transactions include issuing visas, transferring service, changing profession, issuance of work permits for those professions, including a penalty for violating the Saudization of professions that are restricted to Saudis as per system.

- The Ministry highlighted that it will impose penalties for employing any fraudulent means in the case that any employee in the company is caught practicing any of the accounting professions targeted for Saudization on any other profession, different from the written in work permit reports Saudi Gazette. Most Viewed : Saudi Arabia discovered 4 new oil and gas fields in various parts of Kingdom

- The Minister of Human Resources and Social Development Eng. Ahmed Al Rajhi recently issued a decision to localize 30% of accounting professions in private sector, the decision targets 9,800 jobs for citizens in private sector companies, where 5 or more workers with accounting professions.

- The decision also mention that, for the calculation of Saudi accountant in Nitaqat program salary should not be less than 6000 SR for bachelor degrees and 4500 SR for diploma holders. As per the decision, Saudi Accountants are required to get professional accreditation from SOCPA (Saudi Organization for Certified Public Accountants). Read : GACA allows foreign flights to take out expats from Saudi Arabia

Saudization of 19 Accounting professions to implement from 11th June 2021 in Saudi Arabia -

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