Tuesday, December 27, 2016

Expat Dependents Fee in Saudi Arabia

There is a provision in the budget 2017 to levy fees on each dependent of an expat worker. Expat Dependents Fee in Saudi Arabia

The proposed expat dependents’ fee will bring SR2.674 billion to state coffers annually from the first year of its implementation, according to estimates.

There are 11,660,998 expatriates and their dependents in the Kingdom, according to data.

The number of expat dependents under 19 years of age in 2016 was 2,228,525. The monthly fees that will be collected for these dependents will be around SR222,852,500 per month.

In the first year of its implementation in 2017, an expat worker will have to pay SR100 for each of his dependent every month.

In 2018, the fee will increase to SR300-SR400 per dependent per month. This will rise annually to reach SR800 per month per dependent by 2020.Expat Dependents Fee in Saudi Arabia

Expat Dependents Fee in Saudi Arabia

The fees to be paid by expatriates for their dependents will be effective from July 2017 and will be collected along with the fees for Iqama (residence permit) renewal, according to sources at the department of passports (Jawazat).

The sources, however, said the Jawazat is still waiting to receive instructions on the mechanism to collect the fees.

They recalled that the “Financial Balance” document, which was released with the General Budget on Thursday has referred to monthly fees to be imposed on all establishments in which expatriates outnumber Saudis.

Private sector establishments are currently paying SR2,000 annually for every expatriate worker.

Now companies will have to pay extra fees for expats who outnumber Saudis and also for those expats who are in equal number to the nationals.But expats will have to pay SR100 from next July per dependent per month.

In January 2018, companies where expats outnumber Saudis will have to pay SR400 every month for each expat worker and SR300 for each expat worker in companies where expats are in equal number to the nationals.

The monthly fees on expats for each of their dependents will be raised to SR200.

The fees on expats outnumbering the Saudis will be increased to SR600 per month from January 2019 while those of equal number will be increased to SR500.Expat Dependents Fee in Saudi Arabia

The fees on dependents will be increased to SR300 per dependent per month.

At the start of 2020, the fees for expatriates outnumbering Saudis will be increased to SR800 monthly and to SR700 for expatriates who are in equal number to Saudi workers in a company.

The monthly fees on the dependents will be raised to SR400 per head from mid 2020.

Labor market sources believe that regardless of the fees to be imposed on expatriates during the coming three years, the Saudi labor laws remain to be one of the most liberal in the entire world.

Expat Dependents Fee in Saudi Arabia

Source : http://saudigazette.com.sa/

Monday, December 26, 2016

Older Saudi Currency to be Destroyed

Older versions of Saudi currency to be destroyed, says analyst

Saudi financial analyst Hussein al-Rakib revealed that the destruction of previous versions of Saudi currency will be carried out inside Saudi Arabia starting Monday, as soon as they are received by the central bank, according to Okaz newspaper.

Al-Rakib added that the destruction of the previous categories of currency is going to happen without registering serial numbers because of the large quantity of the pieces to be destroyed.

He said that the old currency will disappear from the market in five years.

He added that the new currency will be processed outside the kingdom and likely in Switzerland.

King Salman bin Abdulaziz al-Saud received the new designs of the sixth issue of national banknotes and coins.

Earlier this month, King Salman bin Abdulaziz al-Saud received the new designs of the sixth issue of national banknotes and coins at Al-Yamamah palace.

The money was delivered to the king by the Minister of Finance Mohammed bin Abdullah Al-Jadaan, governor of the Saudi Arabian Monetary Agency (SAMA) Dr. Ahmed bin Abdul-Karim Al-Khulaifi and SAMA Deputy Governor Abdulaziz bin Saleh Al-Freeh.

The Minister of State and Cabinet's Member Dr. Musaed bin Mohammed Al-Aiban and Minister of Culture and Information Dr. Adel bin Zaid Altoraifi, as well as the Minister of Foreign Affairs Adel bin Ahmed Al-Jubeir, were present at the palace during the presentation of the new money to the king.Older Saudi Currency to be Destroyed

Source: https://english.alarabiya.net/en/business/economy/2016/12/25/Older-versions-of-Saudi-currency-to-be-destroyed-says-analyst.html

Old Currency of Saudi Arabia 

Old Currency of Saudi Arabia

New Currency of Saudi Arabia
New Currency of Saudi Arabia

The Saudi Arabian Monetary Agency (SAMA) released on 13th Dec, Tuesday evening new designs of Saudi banknotes and coins, the Saudi Press Agency reported.Older Saudi Currency to be Destroyed

The releasing ceremony was held in the presence of Ibrahim Al-Assaf, minister of state and member of the Cabinet, and SAMA Governor Ahmed Al-Khulaifi.

Speaking on the occasion, Al-Khulaifi said that the newly released coins and banknotes will be available at all branches of SAMA from Dec. 26.
SAMA has introduced SR2 in the form of coins.

The 6th issue of banknotes and coins for the era of Custodian of the Two Holy Mosques King Salman have the motto “Confidence and Security.” The new designs of the banknotes and coins carry the strongest security marks.

The new Saudi Arabian currency notes have added security lines and new features that make forgery difficult.

The 5th issue of Saudi banknotes was released in the era of the late King Abdullah. The SR100 and SR50 denomination notes were released on May 20, 2007, followed by the release of SR10 and SR5 notes on July 16, 2007. The SR500 and SR1 denominations were released on Sept. 16, 2007 and Dec. 30, 2007 respectively.

SAMA has introduced SR2 in the form of coins and also minted coins of SR1.

It said the SR1 denomination will be issued into coins due to the high number of SR1 banknotes in circulation.

“The number of SR1 banknotes constitutes half of the banknotes in circulation. This posed challenges and it was thus decided to gradually replace it with coins,” the monetary agency said.

“Circulating the coins has many positive effects on the Saudi economy because the average coin cycle is between 20 and 25 years while that of paper currency is estimated to be between 12 and 18 months, depending on the circumstances,” the monetary agency added.Older Saudi Currency to be Destroyed

Walid Al-Sayyal, head of the currency department at the monetary agency, said that SR2 denomination has been introduced in a coin form because harmful bacteria affected paper currency which has to be continuously replaced, as they get damaged faster than coins.

Older Saudi Currency to be Destroyed

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