Amendment to Financial Services Authority Regulation Number 3/POJK.02/2014 Regarding the Implementation Procedure for Levies by the Financial Services Authority

FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA
COPY
FINANCIAL SERVICES AUTHABILITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 22 /POJK.02/2018
REGARDING
AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 3/POJK.02/2014 REGARDING THE IMPLEMENTATION PROCEDURE FOR LEVIES BY THE FINANCIAL SERVICES AUTHORITY BY THE GRACE OF THE ALMIGHTY GOD, THE COMMISSIONER COUNCIL OF THE FINANCIAL SERVICES AUTHORITY, Considering :
a. that in order to increase the effectiveness of the management of Financial Services Authority levies and alignment with generally accepted accounting standards, it is necessary to amend regulations regarding the implementation procedure for levies by the Financial Services Authority; b. that based on the considerations referred to in letter a, it is necessary to establish a Financial Services Authority Regulation regarding the Amendment to Financial Services Authority Regulation Number 3/POJK.02/2014 regarding the Implementation Procedure for Levies by the Financial Services Authority;

Recalling :

1. Law Number 21 of 2011 concerning the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2011 Number 111, Supplement to the State Gazette of the Republic of Indonesia Number 5253);

2. Government Regulation Number 11 of 2014 concerning Levies by the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2014 Number 33, Supplement to the State Gazette of the Republic of Indonesia Number 5504);

3. Financial Services Authority Regulation Number
   3/POJK.02/2014 regarding the Implementation Procedure for Levies by the Financial Services Authority (State Gazette of the Republic of Indonesia year 2014 Number 66, Supplement to the State Gazette of the Republic of Indonesia Number 5521);

DECIDING:
Establishing : FINANCIAL SERVICES AUTHORITY REGULATION REGARDING AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 3/POJK.02/2014 REGARDING THE IMPLEMENTATION PROCEDURE FOR LEVIES BY THE FINANCIAL SERVICES AUTHORITY.
Article I
Several provisions in the Financial Services Authority Regulation Number 3/POJK.02/2014 regarding the Implementation Procedure for Levies by the Financial Services Authority (State Gazette of the Republic of Indonesia year 2014 Number 66, Supplement to the State Gazette of the Republic of Indonesia Number 5521) are amended as follows:

1. The provisions of Article 3 paragraph (1) are amended and paragraph (4) are deleted,
   so that Article 3 reads as follows:
   Article 3
   (1) Levies as referred to in Article 2 paragraph (1) must be paid to the OJK Account at the Payment Bank. (2) In the event that the OJK account cannot receive payment of Levies, Levies are paid through other payment methods determined by OJK.

(3) Payment of Levies as referred to in paragraph (1) and paragraph (2) is carried out by first filling out a form which is further regulated in an OJK Circular Letter. (4) Deleted. (5) Payment of Levies as referred to in paragraph (1) is rounded to the nearest rupiah unit. (6) Further provisions regarding the payment mechanism of the Levy obligation are regulated in an OJK Circular Letter.
2. The provisions of Article 12 between paragraph (4) and paragraph (5)
are inserted with 1 (one) new paragraph, namely paragraph (4a) and paragraph (6) are amended, so that Article 12 reads as follows:
Article 12
(1) In the event that the Taxpayer does not settle the annual fee obligation until the deadline as set forth in the Government Regulation concerning Levies by the Financial Services Authority, OJK issues a first warning letter containing:
a. the obligation to pay the annual fee at the latest 30 (thirty) days from the date of the first warning; and b. the imposition of administrative sanctions in the form of a fine of 2% (two percent) per month from the Levy payment obligation that must be paid due to late payment and at most 48% (forty eight percent) of the Levy that must be paid with the provision that a fraction of a month is counted as 1 (one) month.

(2) In the event that the Taxpayer does not settle the annual fee obligation until the deadline as set forth in the first warning letter, OJK issues a second warning letter containing:
a. the obligation to pay the annual fee at the latest 30 (thirty) days after the end of the timeframe as set forth in the first warning letter; and b. the imposition of administrative sanctions in the form of a fine of 2% (two percent) per month from the Levy payment obligation that must be paid due to late payment and at most 48% (forty eight percent) of the Levy that must be paid with the provision that a fraction of a month is counted as 1 (one) month. (3) In addition to administrative sanctions in the form of fines as referred to in paragraph (1) and paragraph (2), OJK may impose additional administrative sanctions or specific actions on Taxpayers who do not perform or are late in performing payments according to the type of sanction or specific action as regulated in Legislation in the Financial Services Sector. (4) The imposition of additional administrative sanctions or specific actions as referred to in paragraph (3) is determined by OJK based on regulations concerning administrative sanctions applicable to each Financial Services Sector. (4a) OJK may adjust the imposition of administrative sanctions in the form of fines as referred to in paragraph (1) and paragraph (2) in the event of:
a. errors in the OJK levy collection system; b. errors in the Payment Bank system; and/or

c. other matters that are not a breach of contract
by the Taxpayer and have been verified by OJK.
(5) OJK may announce the imposition of administrative sanctions as referred to in paragraph (3) to the public. (6) Administrative sanctions in the form of fines for late payment of annual fees are not subject to interest as regulated in relevant regulations regarding the collection procedure for administrative sanctions in the form of fines in the financial services sector.
3. The provisions of Article 13 paragraph (1) and paragraph (3) are amended, so that
Article 13 reads as follows:
Article 13
(1) In the event that the Taxpayer does not settle their obligation within a period of 1 (one) year from the date the Levy payment period ends, OJK determines the obligation as Levies categorized as bad debts. (2) OJK hands over the collection of Levies as referred to in paragraph (1) to the State Debt Management Committee in accordance with the provisions of Legislation. (3) Payment of Levies as referred to in paragraph (1) is carried out through the State Debt Management Committee.
4. The provisions of Article 14 paragraph (2), paragraph (5), and paragraph (6) are amended,
so that Article 14 reads as follows:
Article 14
(1) OJK may conduct Verification of annual fee obligations via:
a. routine; and/or b. special.

(2) Verification as referred to in paragraph (1) is carried out to ensure:
a. payment has been recorded in the OJK Account; b. the accuracy of the basis for the calculation of the annual fee imposition; and/or
c. the accuracy of the calculation result of the obligation.
(3) Routine verification as referred to in paragraph (1) letter a is conducted on every transaction of annual fee payment. (4) Special verification as referred to in paragraph (1) letter b is conducted on annual fee payment obligations that occur more than 1 (one) year since the annual fee payment was made. (5) Special verification as referred to in paragraph (1) letter b is conducted in the event of:
a. written statements from the Taxpayer of their own free will stating that the annual fee paid does not match their obligation; b. changes in the base value for the imposition of annual fees; or
c. indications of discrepancies in the calculation of obligations and annual fee payments.
(6) OJK submits the results of Special Verification as referred to in paragraph (1) letter b to the Taxpayer. (7) The Taxpayer may request written clarification from OJK regarding the results of Verification as referred to in paragraph (6) at the latest 7 (seven) working days since receiving the results of Verification from OJK. (8) If after the expiration of the timeframe as referred to in paragraph (7) OJK does not receive a written clarification request from the Taxpayer then the OJK Verification results are final and cannot be requested again.

(9) OJK provides explanations regarding clarification requests as referred to in paragraph (7) at the latest 40 (forty) working days since the clarification request is received by OJK. (10) In the event of a negative difference between the annual fee based on OJK Verification minus the annual fee based on self-calculation, the negative difference is added as an annual fee obligation in the year the Verification results are determined. (11) In the event of a positive difference between the annual fee based on OJK Verification minus the annual fee based on self-calculation, the positive difference is subtracted from the annual fee obligation in the year the Verification results are determined. (12) Negative differences as referred to in paragraph (10) or positive differences as referred to in paragraph (11) are added or subtracted at the nearest payment stage after the difference is determined based on Verification results.
5. Between Article 14 and Article 15, 1 (one) article is inserted,
namely Article 14A which reads as follows:
Article 14A
OJK may refund Levy payments after Verification is conducted in the event of:
a. payment errors made by parties other than the Taxpayer; b. overpayment of registration fees for registration statements in the context of Public Offerings; and
c. overpayment by the Taxpayer who no longer has licenses, registrations, approvals, and/or permissions for activities in the financial services sector.

6. Between CHAPTER V and CHAPTER VI, 1 (one) CHAPTER is inserted, namely
   CHAPTER VA
   OTHER PROVISIONS
7. Between Article 20 and Article 21, 1 (one) article is inserted,
   namely Article 20A which reads as follows:
   Article 20A
   The procedure for collecting administrative sanctions in the form of fines in the Financial Services Sector as referred to in
   Article 2 paragraph (3) imposed on Parties, is regulated
   in a Financial Services Authority Regulation regarding the Procedure for Collecting Administrative Sanctions in the Form of Fines in the Financial Services Sector.
   Article II
   This Financial Services Authority Regulation takes effect on the date of enactment.

This copy is consistent with the original
Legal Director 1
Legal Department signed
Yuliana
So that everyone knows, ordering the enactment of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia. Established in Jakarta on December 5, 2018 CHAIRMAN OF THE COMMISSIONER COUNCIL FINANCIAL SERVICES AUTHORITY REPUBLIC OF INDONESIA, signed WIMBOH SANTOSO Enacted in Jakarta on December 10, 2018 MINISTER OF LAW AND HUMAN RIGHTS REPUBLIC OF INDONESIA signed YASONNA H. LAOLY SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2018 NUMBER 240

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 22 /POJK.02/2018
REGARDING
AMENDMENT TO FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 3/POJK.02/2014 REGARDING THE IMPLEMENTATION PROCEDURE FOR LEVIES BY THE FINANCIAL SERVICES AUTHORITY
I. GENERAL
The determination of OJK Levies as bad debts as regulated in OJK Regulation Number 3/POJK.02/2014 regarding the Implementation Procedure for Levies by the Financial Services Authority is not aligned with generally accepted accounting standards and regulations in Government Regulation Number 11 of 2014 concerning Levies by the Financial Services Authority. To increase the effectiveness of OJK levy management and alignment with generally accepted accounting standards, it is necessary to amend the categorization of OJK Levies from bad debts to Levies categorized as bad debts. In light of the above, it is necessary to amend OJK Regulation Number 3/POJK.02/2014 regarding the Implementation Procedure for Levies by the Financial Services Authority.

II. ARTICLE BY ARTICLE
Article I
Number 1
Article 3
Paragraph (1)
Payments to the OJK Account can be made through banking systems, including through banking service networks or e-channels. Paragraph (2) What is meant by “OJK Account cannot receive Levy payments” includes technical obstacles such as system or electronic device or communication equipment failures causing disruptions to payment transmission. Paragraph (3) What is meant by “form” is a list in manual or electronic form in accordance with OJK regulations. Paragraph (4) Deleted. Paragraph (5) Rounding to the nearest rupiah unit is regulated as follows:
a. In the event that the number located after the decimal point is less than 0.5 (zero point five), the number is rounded down. b. In the event that the number located after the decimal point is greater than or equal to 0.5 (zero point five), the number is rounded up to 1 unit. As an example:

1. The annual fee obligation amount based on calculation results is known to be Rp12,159,245,254.46 (twelve billion one hundred fifty-nine million two hundred forty-five thousand two hundred fifty-four rupiah forty-six sen) then the annual fee payment is rounded to Rp12,159,245,254.00 (twelve billion one hundred fifty-nine million two hundred forty-five thousand two hundred fifty-four rupiah), the number after the decimal point is rounded down because it is less than 0.5 (zero point five).
2. The registration fee obligation amount for Public Offerings based on calculation results is Rp652,248,258.52 (six hundred fifty-two million two hundred forty-eight thousand two hundred fifty-eight rupiah fifty-two sen) then the registration fee payment is rounded to
   Rp652,248,259.00 (six hundred fifty-two million two hundred forty-eight thousand two hundred fifty-nine rupiah), the number after the decimal point is rounded up because it is greater than 0.5 (zero point five). Paragraph (6) Sufficiently clear. Number 2
   Article 12
   Paragraph (1)
   Sufficiently clear.
   Paragraph (2)
   Sufficiently clear.
   Paragraph (3)
   What is meant by “types of sanctions as regulated in relevant Legislation in the Financial Services Sector” includes among others:
   a. written warnings; b. reduction of health status;
   c. cancellation of competence and propriety test results;
   d. restriction of business activities; e. order for management replacement;

f. listing of management in the list of persons of good repute; g. cancellation of approvals, registrations, and approvals; h. suspension of business activities; and/or
i. revocation of business licenses.
What is meant by “specific actions as regulated in relevant Legislation in the Financial Services Sector” includes among others the postponement of the issuance of effectiveness statements, for example effectiveness statements for Public Offerings, mergers, consolidations, and statements of no further response regarding capital increase documents with Preemptive Rights. Paragraph (4) Sufficiently clear. Paragraph (4a) Letter a Sufficiently clear. Letter b Sufficiently clear. Letter c What is meant by “other matters that are not a breach of contract” includes among others fires, earthquakes, floods, and other force majeure events. Paragraph (5) Sufficiently clear. Paragraph (6) Sufficiently clear. Number 3
Article 13
Sufficiently clear.

Number 4
Article 14
Paragraph (1)
Letter a
Routine verification is conducted through data matching, requests for information, confirmations, and other off-site testing. Letter b Special verification is conducted among others by summoning, field visits, and office examinations. Paragraph (2) Sufficiently clear. Paragraph (3) Sufficiently clear. Paragraph (4) Sufficiently clear. Paragraph (5) Letter a Sufficiently clear. Letter b Changes in the base value for the imposition of annual fees can occur among others due to the presentation of financial reports and re-auditing. Letter c Verification of indications of discrepancies in the calculation of obligations and annual fee payments is conducted when OJK finds calculation errors from more than 1 (one) year ago due to system errors or human errors. Paragraph (6) Sufficiently clear. Paragraph (7) Sufficiently clear.

Paragraph (8)
Sufficiently clear.
Paragraph (9)
Sufficiently clear.
Paragraph (10)
Sufficiently clear.
Paragraph (11)
Sufficiently clear.
Paragraph (12)
Sufficiently clear.
Number 5
Article 14A
Sufficiently clear.
Number 6
Sufficiently clear.
Number 7
Article 21A
Sufficiently clear.
Article II
Sufficiently clear.
SUPPLEMENT TO THE STATE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 6271