Localization of Accounting Professions

Please be informed that the Ministry of Human Resource and Social Development has announced the localization of accounting professions by 30%, Below guideline to clarify the details of the decision (attached the MOL guide for your reference)

 PERCENTAGE: 

localize 30% of the total number of employees with accounting professions in the facility.

 TO WHOM IT WILL BE APPLIED: 

This decision applies to all private sector establishments operating in Saudi with 5 or more employees who have accounting professions, and their job title is one of the targeted professions mentioned below

 PROFESSIONS

JOB CODE

DIRECTOR OF FINANCIAL AND ACCOUNTING AFFAIRS 1112131

ACCOUNTS AND BUDGET MANAGER 1217131

DIRECTOR OF FINANCIAL REPORTS DEPARTMENT 1217281

DIRECTOR OF ZAKAT AND TAX DEPARTMENT 1217331

DIRECTOR OF THE INTERNAL AUDIT DEPARTMENT 1217381

DIRECTOR OF THE GENERAL ADMINISTRATION OF AUDITING 1217661

HEAD OF INTERNAL AUDIT 2218191

FINANCIAL CONTROLLER 2621031

INTERNAL AUDITOR 2621081

SENIOR FINANCIAL AUDITOR 3621151

GENERAL ACCOUNTANT 2622011

COST ACCOUNTANT 2622021

AUDITOR 2622031

GENERAL ACCOUNTANT OFFICER 3621012

JUNIOR AUDITOR 3621022

JUNIOR COST ACCOUNTANT 3621032

FINANCIAL AUDIT SUPERVISOR 3621141

COST CLERK 4211173

FINANCIAL CLERK 4211183

BOOKKEEPING CLERK 4121044

REQUIREMENTS FOR SAUDIZATION PERCENTAGE:

Accountants are required to be certified by the Saudi Organization for Certified Public Accountants (SOCPA) also minimum wage should not be less than SR6,000 for employees with bachelor’s degrees and not less than SR4,500 for diploma holders 

 EFFECTIVENESS:

The decision will be effective starting from 1-June -2021

 PENALTIES:

Not adhering to the required Saudization percentage will cause all transactions related to accounting professions to be suspended automatically. transactions include (Issuing visas, sponsorship transfer, changing a profession, work permits) in addition to a penalty of 20,000 SAR per employee

 If the Companies which has an employee with a profession in one of the targeted accounting professions with a different job title in his work permit, the penalty will be imposed with an amount of 10,000 SAR per employee