Economy
Saudi Arabia to Waive ‘Expat Fees’ for Industrial Companies
(Bloomberg) — Saudi Arabia will waive the controversial fees it requires industrial companies to pay for their foreign workers for a period of five years, lightening a burden on the private sector.
Since January 2018, businesses have been required to pay fees for foreign workers they employ, part of the government’s strategy to raise non-oil revenue and encourage companies to hire Saudis. Many businesses, accustomed to cheaper foreign labor, have struggled to adapt to the fees, which were imposed at the same time as subsidy cuts and a value-added tax.
Read more:
- Saudi King Approves $3.1 Billion Plan to Ease Expat Fee Costs
- Saudi Arabia Said to Review Expat Fees as Economy Feels Sting
- Saudi Arabia Starts Offering Permanent Residency for $213,000
The levies contributed to an exodus of foreign laborers, hitting the economy without making much of a dent in Saudi unemployment.
In February, King Salman approved a $3.1 billion plan to ease the levies and help revive economic growth, but some businesses said the measures didn’t go far enough.
The cabinet on Tuesday announced that the state will temporarily cover the cost of the fees for licensed industrial companies, according to the official Saudi Press Agency. The cabinet statement didn’t provide further details.
There are two types of fees on foreign workers in the kingdom. The change on Tuesday applies to those paid by businesses, not to fees that foreign residents must pay on behalf of their dependents.
-
OER Magazines1 month ago
OER, September 2024
-
Alamaliktistaad Magazines2 months ago
Al-iktisaad, September 24
-
Uncategorized4 weeks ago
Oman Oil Marketing Company partners with Ihsaan Association to support its activities
-
Commodities1 month ago
Gold Rangebound as Investors Brace for Key US Economic Data
-
Banking & Finance1 month ago
Apple Pay Officially Launched in Oman
-
Oil & Gas4 weeks ago
OQEP Appoints United Securities as Liquidity Provider Ahead of Landmark MSX Listing
-
Investment1 month ago
With Over RO600M in Foreign Investments, Future Fund Oman Unveils the First Batch of Investment Projects with an Overall Value of RO830M+
-
Lifestyle1 month ago
Royal Opera House Muscat Welcomes First Shows of its 2024/25 Season