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Major setback for expatriates; Indigenization of the accounting industry in Saudi Arabia starting from June

Riyadh: The Ministry of Human Resources and Social Development has announced that the nationalization measures announced in the field of accounting in Saudi Arabia will take effect from June 11 next year. According to the automatic coding aimed at Saudiization implemented under the Ministry, accounting professionals are divided into 19 categories.

These are the 19 categories that are subject to Saudiization; Financial Affairs – Accounting Manager, Accounts and Budget Manager, Financial Reporting Manager, Zakat and Tax Manager, Internal Audit Manager, General Audit Manager, Head of Internal Audit Program, Financial Controller, Internal Auditor, Senior Financial Auditor, General Accountant, Cost Accountant, Auditor, General Accounts Technician, Auditing Technician, Cost Accounts Technician, Financial Audit Supervisor, Cost Clerk, Finance Clerk. As part of this, the ministry is introducing a special scheme to support and encourage the private sector in hiring Saudi accountants. The special program will cover everything from looking for suitable indigenous staff recruitment to the necessary training and rehabilitation. The law requires that 30 percent of the 19 designated positions in companies that require more than five accounting employees be nationals. The ministry has also issued special guidelines for this.

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