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Showing posts with label Saudi gazette news. Show all posts
Showing posts with label Saudi gazette news. Show all posts

Friday, February 10, 2017

19 jobs and 4 sectors that are off-limits to expats in Saudi Arabia



Another sector in Saudi Arabia will embrace Saudization starting July 2.  Saudi Gazette reports that all jobs related to vehicle claim administration in the motor insurance sector will be purely for Saudis starting July.  These include jobs in the branches and centers for receiving claims, debris management, and recovery, as well as surveyors, and all jobs related to the administration of customer care, jobs related to dealing with complaints, and other administrative jobs of branches of vehicle insurance firms.




Another sector in Saudi Arabia will embrace Saudization starting July 2.

Saudi Gazette reports that all jobs related to vehicle claim administration in the motor insurance sector will be purely for Saudis starting July.

These include jobs in the branches and centers for receiving claims, debris management, and recovery, as well as surveyors, and all jobs related to the administration of customer care, jobs related to dealing with complaints, and other administrative jobs of branches of vehicle insurance firms.






This is based on the directives of Saudi Arabian Monetary Authority (SAMA).

SAMA also mandates insurance companies to furnish a monthly report about the progress of Saudization.

Companies are also instructed to provide training for Saudi employees working in insurance companies.


Last year, Labor Ministry of Saudi Arabia decided to off-limits 19 job titles for expatriates, including Filipinos who are applying for visas to Saudi Arabia.

This is a part of nationalization campaign that will replace expats with Saudis in any job categories.



The ministry identified 19 job titles that are off-limits to expatriates but only 11 are identified based on earlier announcement;

1. Chief administrator of human resources at government and private sector companies

2. Head of personnel department

3. Director of Labor Affairs

4. Director of Personnel Relations,

5. Employment clerk

6. Time-keeper

7. Receptionist (General)

8. Receptionist (Hotel)

9. Receptionist (Hospitals)

10. Cashier

11. Typist 



Other than vehicle claim administration in the motor insurance, the following sector are implementing or planning to implement Saudization

1. Telecom Sector - including selling mobile phones and accessories (September 2016)

2. Health Sector particularly the pharmaceutical sector, according to report, full Saudization to be implemented in 2018.

3. Automobile Sales Sector - both agencies and car rental offices, starting this 1st quarter of 2017

4. Gold and vegetable market (currently being evaluated to be Saudidized)



©2017 THOUGHTSKOTO

Saturday, January 21, 2017

DEBATE ON 6% TAX ON EXPAT REMITTANCES IN SAUDI ARABIA, SET TO BEGIN


The debate on the proposed 6 percent tax on the remittances of expatriate in the Kingdom of Saudi Arabia is set to begin this week.  According to Saudi Gazette, The Consultative Assembly of Saudi Arabia or The Shura Council will study the said proposal with an aim to help lessen the huge budget deficit of the Kingdom.   The program targets to increase the country’s non-oil revenue collection.  The proposal was made by Hussam Al-Anqari, former chief of the General Auditing Bureau (GAB).




The debate on the proposed 6 percent tax on the remittances of expatriate in the Kingdom of Saudi Arabia is set to begin this week.

According to Saudi Gazette, The Consultative Assembly of Saudi Arabia or The Shura Council will study the said proposal with an aim to help lessen the huge budget deficit of the Kingdom.


The program targets to increase the country’s non-oil revenue collection.

The proposal was made by Hussam Al-Anqari, former chief of the General Auditing Bureau (GAB).




It has been approved by the Shoura’s financial committee and will be put before the general assembly for discussion.

What's in the proposal?

1. A 6% tax will be charged on the amount of remittances of expats in the first year. But gradually the fees will be reduced.


2. The collected funds from expat's tax will be deposited at the Saudi Arabian Monetary Authority (SAMA).

3. There is also a recommendation to put ceiling on cash an expatriate could keep or carry with him when he makes a final exit in the Kingdom.

Anqari said, this proposal is meant to encourage expatriates to spend money in the Kingdom to help the economy.

Anqari added that this will encourage foreign nationals to invest more in the Kingdom.


According to Saudi Central Bank data, roughly 10 million foreign workers transferred $9.4 billion to their home countries in the third quarter of 2016.

These expat remittances have gone up from SR57 billion in 2004 to SR135 billion in 2013.


READ MORE:

NEW FEES FOR OFWS AND OTHER EXPATRIATES IN SAUDI ARABIA

IT'S TIME TO REPLACE EXPAT WORKERS WITH SAUDIS - SAUDI GAZETTE

SR400,000 FINE FOR ANIMAL CRUELTY IN SAUDI ARABIA

PHILIPPINE EMBASSY IN SAUDI TO ALL OFWS IN THE KINGDOM: LIST OF PENALTY FOR EXPAT VIOLATORS IN SAUDI

RUN AWAY WORKERS WILL NEVER BE ALLOWED TO RETURN TO SAUDI











On the other hand, expatriate workers in Saudi Arabia express concern regarding the burden of the proposed 6 percent tax.

Some Filipinos in the Kingdom said this will have a big impact on their remittances to the Philippines, especially for those who are earning just enough.




Indian workers are also worried about the result of the discussion.

Indian expatriate comprises the 20 percent of the total workforce in private sector in Saudi Arabia.


SEE ALSO:

How To Secure Police Clearance In Saudi Arabia (Before or After Your Exit)

126 RECRUITMENT AGENCIES IN SAUDI, BANNED FROM RECRUITING DH;478 EXPAT MEDICAL STAFF, LOSES JOB IN KSA

“STAY HERE, SAUDI ARABIA NEEDS FILIPINOS.” -LABOR MINISTER MUFREJ AL HAQABANI

WARNING: IN SAUDI ARABIA, BE WARY OF BEING A DEBT GUARANTOR, YOU COULD END UP IN JAIL

Top 10 Reminders About Photography If You are In KSA or UAE









©2017 THOUGHTSKOTO

Friday, December 23, 2016

OFW BANK IN RIYADH TO OPEN ON SEPTEMBER 2017

Good news to all OFWs in Saudi Arabia! The Postal Bank that will soon turn to be OFW Bank will open a branch in Riyadh, Saudi Arabia. The LandBank, a state-run bank in the Philippines, will acquire the Postal Bank, which would be 30% owned by the OFWs and has an authorized capital of P3 billion, according to Finance Secretary Carlos G. Dominguez III. LandBank President Alex Buenaventura said that there are 800,000 OFWs, 40% of  which are  residing in Riyadh and in that consideration , they will open a branch of the OFW Bank in the area. The Riyadh branch will initially offer financial education and investment counseling services to OFWs, according to Dominguez. The creation of the Bank for the OFWs is one of the promises of President Rodrigo Duterte  to the OFWs and their families that has been fulfilled. Another proof of the sincerity and concern of the new President towards the "modern heroes". Dominguez said that the acquisition of the Postal Bank will be completed at the 3rd Quarter of 2017 and that the LandBank has sufficient resources to make it happen.      LandBank will seek clearances from the Governance Commission for Government Owned and Controlled Corporations (GCG) and the Philippine Competition Commission (PCC) for the acquisition process to complete.  The government bank also needs approval from the Monetary Board, Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) for the OFW bank to be operational by Sept. 1, 2017.  Source: Saudi Gazette ©2016 THOUGHTSKOTO


Good news to all OFWs in Saudi Arabia!
The Postal Bank that will soon turn to be OFW Bank will open a branch in Riyadh, Saudi Arabia.
The LandBank, a state-run bank in the Philippines, will acquire the Postal Bank, which would be 30% owned by the OFWs and has an authorized capital of P3 billion, according to Finance Secretary Carlos G. Dominguez III.
LandBank President Alex Buenaventura said that there are 800,000 OFWs, 40% of  which are  residing in Riyadh and in that consideration , they will open a branch of the OFW Bank in the area.
The Riyadh branch will initially offer financial education and investment counseling services to OFWs, according to Dominguez.
The creation of the Bank for the OFWs is one of the promises of President Rodrigo Duterte  to the OFWs and their families that has been fulfilled. Another proof of the sincerity and concern of the new President towards the "modern heroes".
Dominguez said that the acquisition of the Postal Bank will be completed at the 3rd Quarter of 2017 and that the LandBank has sufficient resources to make it happen.
Good news to all OFWs in Saudi Arabia! The Postal Bank that will soon turn to be OFW Bank will open a branch in Riyadh, Saudi Arabia. The LandBank, a state-run bank in the Philippines, will acquire the Postal Bank, which would be 30% owned by the OFWs and has an authorized capital of P3 billion, according to Finance Secretary Carlos G. Dominguez III. LandBank President Alex Buenaventura said that there are 800,000 OFWs, 40% of  which are  residing in Riyadh and in that consideration , they will open a branch of the OFW Bank in the area. The Riyadh branch will initially offer financial education and investment counseling services to OFWs, according to Dominguez. The creation of the Bank for the OFWs is one of the promises of President Rodrigo Duterte  to the OFWs and their families that has been fulfilled. Another proof of the sincerity and concern of the new President towards the "modern heroes". Dominguez said that the acquisition of the Postal Bank will be completed at the 3rd Quarter of 2017 and that the LandBank has sufficient resources to make it happen.      LandBank will seek clearances from the Governance Commission for Government Owned and Controlled Corporations (GCG) and the Philippine Competition Commission (PCC) for the acquisition process to complete.  The government bank also needs approval from the Monetary Board, Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) for the OFW bank to be operational by Sept. 1, 2017.  Source: Saudi Gazette ©2016 THOUGHTSKOTO




 LandBank will seek clearances from the Governance Commission for Government Owned and Controlled Corporations (GCG) and the Philippine Competition Commission (PCC) for the acquisition process to complete.

The government bank also needs approval from the Monetary Board, Securities and Exchange Commission (SEC) and the Bangko Sentral ng Pilipinas (BSP) for the OFW bank to be operational by Sept. 1, 2017.

©2016 THOUGHTSKOTO

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