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Ada Pertanyaan? Hubungi Kami M Agus Yozami, Jazmi Adlan Bohari
In less than a week from now, the Financial Services Authority (OJK) will start collecting levies from every financial service institution in Indonesia following the implementation of Government Regulation No. 11 of 2014 on Levies by the OJK (Levies Regulation).
To ease the process for financial service institutions paying the levies, the OJK has also issued a regulation and a circular letter on the mechanisms for payment of levies for institutions, individuals, and agencies who conduct activities in the financial services sector.
Lucky FA Hadibrata, Commissioner Director of Strategic Management I at the OJK, believes that the regulation and circular mark OJK’s readiness to comply with the OJK Law, especially Articles 34, 35, 46, and 37 that cover aspects of budgeting and financing.
Mr. Hadibrata said that the first stage levies must be paid to through the OJK Revenue Information System (SIPO) no later than 15 April 2014. The purpose of the levies, he indicated, is to fund OJK’s operational and administrative activities, asset procurement, and other activities as provided for under Article 2 of the Levies Regulation.
In addition, the purpose of the levies conform’ with the OJK’s duties and function to support and improve Indonesia’s financial services industry.
“The financial services industry will not be burdened by the payment of the levies because it has been simplified by the regulation,” Mr. Hadibrata said last Thursday.
Mr. Hadibrata explained that there are the various levies under the Levies Regulation relate to various regulatory activities covering licensing, approvals, registrations, validations, and review of corporate actions.
The annual levies based on a percentage of certain individual business factors can be paid in four phases on the 15th of April, July, October, and 31 December. The fee payer must pay 25% of their annual fee liability one each of these days based on self-assessment of audited annual financial statements of the prior year.
Mr. Hadibrata also added that the OJK may adjust the tariff percentage to match the payer’s capability to pay. The OJK may reduce a fee to 0% if the payer suffers financial difficulties or for the development of the industry, services, products or other purposes.
“The adjustment is a result of coordination between the OJK and the Ministry of Finance” he concluded.
Rahmat Waluyanto, Deputy Chairman of OJK’s Board of Commissioners, said that the OJK Regulation also provides for administrative sanctions for parties that do not pay the levies by the required date.
“The OJK will also announce the imposition of administration sanctions to the public,” Said Mr. Waluyanto.
Mr. Waluyanto also said that if a final warning has been issued and the party in questions has not paid the levies, the OJK will take actions to have the outstanding fees recognized as a non-performing loan that will be reported to the State Receivables Committee.
(hot/kc)
M Agus Yozami, Jazmi Adlan Bohari
In less than a week from now, the Financial Services Authority (OJK) will start collecting levies from every financial service institution in Indonesia following the implementation of Government Regulation No. 11 of 2014 on Levies by the OJK (Levies Regulation).
To ease the process for financial service institutions paying the levies, the OJK has also issued a regulation and a circular letter on the mechanisms for payment of levies for institutions, individuals, and agencies who conduct activities in the financial services sector.
Lucky FA Hadibrata, Commissioner Director of Strategic Management I at the OJK, believes that the regulation and circular mark OJK’s readiness to comply with the OJK Law, especially Articles 34, 35, 46, and 37 that cover aspects of budgeting and financing.
Mr. Hadibrata said that the first stage levies must be paid to through the OJK Revenue Information System (SIPO) no later than 15 April 2014. The purpose of the levies, he indicated, is to fund OJK’s operational and administrative activities, asset procurement, and other activities as provided for under Article 2 of the Levies Regulation.
In addition, the purpose of the levies conform’ with the OJK’s duties and function to support and improve Indonesia’s financial services industry.
“The financial services industry will not be burdened by the payment of the levies because it has been simplified by the regulation,” Mr. Hadibrata said last Thursday.
Mr. Hadibrata explained that there are the various levies under the Levies Regulation relate to various regulatory activities covering licensing, approvals, registrations, validations, and review of corporate actions.
The annual levies based on a percentage of certain individual business factors can be paid in four phases on the 15th of April, July, October, and 31 December. The fee payer must pay 25% of their annual fee liability one each of these days based on self-assessment of audited annual financial statements of the prior year.
Mr. Hadibrata also added that the OJK may adjust the tariff percentage to match the payer’s capability to pay. The OJK may reduce a fee to 0% if the payer suffers financial difficulties or for the development of the industry, services, products or other purposes.
“The adjustment is a result of coordination between the OJK and the Ministry of Finance” he concluded.
Rahmat Waluyanto, Deputy Chairman of OJK’s Board of Commissioners, said that the OJK Regulation also provides for administrative sanctions for parties that do not pay the levies by the required date.
“The OJK will also announce the imposition of administration sanctions to the public,” Said Mr. Waluyanto.
Mr. Waluyanto also said that if a final warning has been issued and the party in questions has not paid the levies, the OJK will take actions to have the outstanding fees recognized as a non-performing loan that will be reported to the State Receivables Committee.
(hot/kc)