The latest news from the Ministry of Finance

After attending the Ministry of Finance Workshop earlier this week I have concluded that not everything you read about VAT in the papers can be trusted.

The Global Game Changers List 2017

Rebooting Saudi Arabia’s economy by taking measures to wean it off oil, from raising taxes and reducing subsidies to slashing over-the-top perks for those on the government’s payroll. He is also leading the charge for the world’s largest IPO, the state-owned oil behemoth Aramco.

OPS appoints Frontierpay to facilitate payments across Middle East & Asia

saudi-arabia-skyline2Outsourced Payroll Solutions (OPS), a UAE-based payroll provider, has appointed Frontierpay to assist with its daily operations by providing treasury and international payments services.

OPS manages employee salaries and provides a cloud-based payroll platform for businesses based in the Middle East, ensuring payroll is successfully completed across Oman, Qatar, Bahrain, Saudi Arabia, Kuwait, the Levant and Egypt, among others.

Through its treasury services, Frontierpay will assist OPS by providing foreign exchange liquidity in the Middle East and Asia, by executing foreign exchange trades and managing trade settlements on the company’s behalf. OPS will also utilise Frontierpay’s currency and settlement network to make international payments to partners and employees, as well as tax authorities.

Commenting on the partnership, Diana Geldenhuys, Managing Director at OPS, commented: “Payroll processing in the Middle East comes with a range of unique complexities. Not only is there a hugely diverse business environment, which covers several different countries, but we also have to manage compensation and benefits for both an expatriate and national workforce, and ensure that we are operating in accordance with rigorous regional compliance regulations. By providing more competitive access to the foreign exchange market, our new partnership with Frontierpay means that we are providing the best possible payroll service for our clients.”

Meanwhile, Owain Walters, CEO of Frontierpay, said: “Managing payroll across different countries is a task that is becoming as necessary as it is complex, with businesses increasingly hiring employees in other countries and having multiple bases around the world. For a company such as OPS, access to competitive foreign exchange rates and the ability to make unhindered international payments are vital in order to effectively service its customers. We’re pleased to be facilitating this for OPS and indeed, for Frontierpay to be making further strides in the Middle East.”

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