The Minister of Human Resources and Social Development has announced to localize accounting professions in the private sector that employ 5 workers or more of accountancy professions at a rate of 30%.
What will be the New System?
The human resources and social development system provides packages of incentives to support private sector enterprises in employing, training, qualifying and empowering Saudi accountants in the Saudi labor market.
Why this Decision is taken?
The decision aims to provide decent job opportunities for qualified national cadres in the labor market, and to promote productive and sustainable localization.
— وزارة الموارد البشرية والتنمية الاجتماعية (@HRSD_SA) December 23, 2020
How many Opportunities will be Created for Local Saudis?
The decision to nationalize the accounting professions aims to provide more than 9,800 job opportunities. Read more: Saudization in Engineering Profession to Take Place Soon
Which Accounting Positions are Targeted for Saudis?
As many accounting professions were targeted, most notably:
- Accounts Manager,
- Director of Zakat and Taxes Department
- Director of Financial Reports Department
- Director of General Auditing Department
- Internal Auditor
- Cost Accountant
- and others.
According to the decision, Saudi accountants are required to obtain professional accreditation from the Saudi Organization for Accountants. Read more: Saudization in 9 Key Sectors to Take Place from 2020 Onwards
How much Salary Should they be Receiving?
It is also a condition for the calculation of the Saudi accountant that his wages should not be less than 6,000 Saudi riyals for bachelor’s holders and 4,500 Saudi riyals for diploma holders.