Saudi Arabia has announced its budget for the fiscal year 2017. The year 2016 was not financially good for the Kingdom and credit goes to the diminishing oil prices. However, the way government machinery has tackled the issue is commendable. Under the guidance of King Salman, they are leading this beautiful country to a place where they don’t have to depend on oil exports heavily. In pursuance of the Vision 2030, Saudi Arabia has announced its budget for the year 2017 and we are bringing to you some important financial highlights of the budget which every Saudi Resident should know. Recommended: The Fuel Prices are expected to Increase by the end of the year 2016
- Expat Fee: The Budget 2017 has introduced a minimum expat fee which will be imposed from the beginning of the year 2017. There are 2 kinds of expat fee which expatriates and their employers must pay. The fee will increase gradually year by year. The information we have obtained from the Arab News about this fee is given below.
- Expatriates living in Saudi Arabia will have to pay SR 100 per month for every dependent under his Iqama starting from July 2017. For example, if you have a wife and 3 children, you will have to pay SR 400 per month.
- This amount will increase to SR 200 per month per person July 2018
- Expatriates will have to pay SR 300 per month per dependent from July 2019 and;
- SR 400 per person per month from July 2020. It means you must pay SR 1,600 per month for a wife and 3 children in the year 2020.
- The second type of fee is already imposed on expatriate employees which employers must pay if they have less than 50% Saudi employees. The current amount which employees must pay per annum on each expatriate employee is SR 2,400 per month. Currently, companies who have more than 50% Saudi employees do not have to pay the fee. However, from the next year, they will have to pay it on a discounted rates.
- It is expected to increase to SR 4,800 for the year 2018 for those companies who do not employ 50% Saudis. The companies who employ 50% Saudis will have to pay SR 3,600 per employee per annum.
- For the year 2019, It is expected to increase to SR 7,200 for those companies who do not employ 50% Saudis. The companies who employ 50% Saudis will have to pay SR 6,000 per employee per annum.
- For the year 2020, It is expected to increase to SR 9,600 for those companies who do not employ 50% Saudis. The companies who employ 50% Saudis will have to pay SR 8,400 per employee per annum.
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