Procedures for Implementing Levies in the Financial Services Sector and Other Revenues

EXTRACT
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 2 OF 2025
CONCERNING
PROCEDURES FOR IMPLEMENTING LEVIES IN THE FINANCIAL SERVICES SECTOR AND OTHER REVENUES

BY THE GRACE OF GOD THE ALMIGHTY,
THE COMMISSIONERS OF THE FINANCIAL SERVICES AUTHORITY,

Considering: that in order to implement the provisions of Article 18, Article 19,
Article 24, Article 25 paragraph (2), Article 26 paragraph (2), Article 27 paragraph
(2), Article 28 paragraph (5), Article 31 paragraph (5), Article 32 paragraph (4) of Government Regulation Number 41 of 2024 concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector, as well as to strengthen the authority of the Financial Services Authority in the management of non-tax state revenues originating from levies and other revenues, it is necessary to establish a Financial Services Authority Regulation concerning Procedures for Implementing Levies in the Financial Services Sector and Other Revenues;

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) as amended by Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (State Gazette of the Republic of Indonesia Year 2023 Number 4, Supplement to the State Gazette of the Republic of Indonesia Number 6845);
2. Government Regulation Number 41 of 2024 concerning
the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector (State Gazette of the Republic of Indonesia Year 2024 Number 210, Supplement to the State Gazette of the Republic of Indonesia Number 6993);

DECIDING:
Establishing: FINANCIAL SERVICES AUTHORITY REGULATION CONCERNING PROCEDURES FOR IMPLEMENTING LEVIES IN THE FINANCIAL SERVICES SECTOR AND OTHER REVENUES.

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CHAPTER I
GENERAL PROVISIONS
Article 1
In this Financial Services Authority Regulation, the following terms are defined as:

1. Party Engaging in Activities in the Financial Services Sector, hereinafter referred to as Party, is a financial service institution and/or an individual or body engaging in activities in the financial services sector.
2. Levy in the Financial Services Sector, hereinafter referred to as Levy, is a sum of money that must be paid by the Party.
3. Financial Services Sector is the banking sector, capital market, derivative finance, carbon exchange, insurance, guarantee, pension fund, financing institution, venture capital company, microfinance institution, other financial service institutions, financial sector technology innovation, digital financial assets and crypto assets, which are regulated and supervised by the Financial Services Authority.
4. Taxpayer is a Party that has the obligation to pay Levies and/or other revenues in accordance with the provisions of legislation.
5. Payment Bank is Bank Indonesia and/or commercial banks designated by the Financial Services Authority to receive deposits of revenues originating from Levies and other revenues.
6. Financial Services Authority Account is an account at the Payment Bank used by the Financial Services Authority to receive, store, and disburse funds originating from Levies and other revenues.
7. Verification is a series of testing activities regarding the calculation and payment of Levies and other revenues, based on data and information on calculation and payment owned or obtained by the Financial Services Authority.
8. Public Offering is the activity of offering securities conducted by the issuer to sell securities to the public in accordance with procedures regulated in legislation in the Financial Services Sector.
9. Security is a negotiable instrument or investment contract, whether in conventional and digital form or other forms in accordance with technological developments, which grants the owner the right to directly or indirectly obtain economic benefits from the issuer or from a specific party based on an agreement and any Derivatives of Securities, which can be transferred and/or traded on the Capital Market.
10. Minister is the minister in charge of government affairs in the field of state finance.

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CHAPTER II
PROCEDURES FOR CALCULATING AND PAYING
LEVIES AND OTHER REVENUES
Section One
Procedures for Managing Accounts and Depositing Levies and Other Revenues
Article 3
(1) Levies and other revenues must be deposited into the Financial Services Authority Account at the Payment Bank.
(2) The deposit as referred to in paragraph (1) is conducted after the Taxpayer is registered in the Financial Services Authority's revenue application.
(3) In the event of obstacles to the implementation of the deposit as referred to in paragraph (1), the Financial Services Authority provides information on other payment procedures to the Taxpayer through the website or other information delivery media. (4) If necessary, the Financial Services Authority may provide information on deposit procedures to parties who do not have the obligation to pay Levies, but are obligated to deposit:
a. administrative sanctions in the form of fines for violations of legislation in the Financial Services Sector; b. fines related to the procurement of goods and services; or
c. other legitimate revenues,
as part of other revenues.
(5) The deposit of Levies and other revenues as referred to in paragraph (1) is rounded to the nearest Rupiah unit.

Section Two
Calculation and Deposit of Levies
Article 4
(1) Types of Levies applicable at the Financial Services Authority include:
a. licensing, approval, registration, ratification, and review fees for corporate action plans; and b. annual fees for regulation, supervision, examination, and research.
(2) The types and amounts of Levies are regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector.

Article 5
(1) Licensing, approval, registration, ratification, and review fees for corporate action plans as referred to in Article 4 paragraph (1) letter a must be paid by the Party before submitting the application for licensing, approval, registration, ratification, and review of the corporate action plan to the Financial Services Authority. (2) In the event that the payment as referred to in paragraph (1) is not accompanied by the submission of complete and correct documents for the application for licensing, approval, registration, ratification, and review of the corporate action plan within a maximum period of 45 (forty-five) calendar days from the date of payment, the payment is final and cannot be requested for a refund. (3) In the event that the Taxpayer does not make the payment as referred to in paragraph (1), the application for licensing, approval, registration, ratification, and review of the corporate action plan is considered not yet submitted to the Financial Services Authority. (4) The payment as referred to in paragraph (1) does not determine the approval or rejection of the licensing, approval, registration, ratification, and review of the corporate action plan. (5) The payment as referred to in paragraph (1) is final and cannot be requested for a refund.

Article 6
(1) Registration fees as referred to in Article 4 paragraph (1) letter a for Taxpayers conducting a Public Offering are calculated based on the issuance value.
(2) The issuance value as referred to in paragraph (1) is the total gross funds obtained by the Taxpayer conducting the Public Offering after the allocation process in the Public Offering. (3) The payment of registration fees as referred to in paragraph (1) for Taxpayers conducting a Public Offering is calculated independently based on the amount of funds to be raised as stated in the registration statement document. (4) The total registration fees as referred to in paragraph (3) are recalculated based on the issuance value as referred to in paragraph (2). (5) Taxpayers conducting a Public Offering must submit confirmation of the issuance value as referred to in paragraph (2) no later than 2 (two) working days after the last date of allocation in the Public Offering. (6) In the event that the total registration fees as referred to in paragraph (4) are greater than the payment based on the amount of funds to be raised as referred to in paragraph (3), the shortfall must be paid to the Financial Services Authority no later than 5 (five) working days after the issuance value confirmation. (7) In the event that the total registration fees as referred to in paragraph (4) are smaller than the payment based on the amount of funds to be raised as referred to in paragraph (3), the overpayment will be refunded by the Financial Services Authority no later than 5 (five) working days after Verification. (8) In the event that the registration statement for the Public Offering is cancelled, the payment of registration fees is final and cannot be requested for a refund.

Article 7
(1) The amount of the review fee for corporate action plans involving the merger or consolidation of public companies as referred to in Article 4 paragraph (1) letter a is calculated based on the asset value as stated in the proforma financial statements of the merger or consolidation of the public company before the effectiveness of the merger or consolidation statement of the public company. (2) The review fee for corporate action plans involving the merger or consolidation of public companies as referred to in paragraph (1) must be paid by the Party before submitting the corporate action plan. (3) In the event that the review fee for corporate action plans involving the merger or consolidation of public companies that has been paid is smaller than the calculation of the fee based on the asset value as stated in the proforma financial statements, the public company must pay the shortfall no later than 5 (five) working days after the effectiveness of the merger or consolidation statement of the public company. (4) In the event that the review fee for corporate action plans involving the merger or consolidation of public companies that has been paid is greater than the calculation of the fee based on the asset value as stated in the proforma financial statements, the Financial Services Authority refunds the overpayment no later than 5 (five) working days after Verification. (5) The review fee for corporate action plans in the context of tender offers resulting from the takeover of public companies must be paid by the Taxpayer on the same date as the submission of proof of announcement of negotiations or in the context of the takeover of public companies to the Financial Services Authority.

Article 8
The calculation of the annual fee for investment managers is calculated based on a specific percentage rate as regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector from the latest income value in the audited annual financial statements of the previous year.

Article 9
(1) The calculation of annual fees for:
a. securities underwriters who also conduct activities as Securities Brokers who administer Client Securities Accounts; and b. securities underwriters who also conduct activities as Securities Brokers who do not administer Client Securities Accounts, is calculated based on a specific percentage rate as regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector from the income value in the audited annual financial statements of the previous year. (2) The calculation of annual fees for securities underwriters who also conduct activities as securities brokers administering client securities accounts and securities underwriters who also conduct activities as securities brokers not administering client securities accounts as referred to in paragraph (1) is conducted for all income from each respective entity.

Article 10
The calculation of annual fees for public accounting firms, public valuation firms, law firms, notary offices, and actuarial consulting firms is based on the quarterly contract value in the current year.

Article 11
The calculation of annual fees for professional certification institutions is calculated based on a specific percentage rate as regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector from the income value received from registration fees for certification participants in the Financial Services Sector.

Article 12
The calculation of annual fees for financial conglomerate holding companies is calculated based on a specific percentage rate as regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector from the total asset value minus the total asset value of all Financial Service Institutions consolidated in the audited annual financial statements of the previous year.

Article 13
(1) Annual fees as regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector are paid in 4 (four) stages with the following provisions:
a. payment of the first stage of annual fees no later than April 15 for payment of obligations for the first quarter, starting from January 1 to March 31 of the current year; b. payment of the second stage of annual fees no later than July 15 for payment of obligations for the second quarter, starting from April 1 to June 30 of the current year;
c. payment of the third stage of annual fees no later than October 15 for payment of obligations for the third quarter, starting from July 1 to September 30 of the current year; and
d. payment of the fourth stage of annual fees no later than December 31 for payment of obligations for the fourth quarter, starting from October 1 to December 31 of the current year. (2) In the event that the annual fee amount is set at a specific nominal value that does not refer to financial statements in accordance with the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector, payment is conducted no later than June 15 for payment of obligations for a 1 (one) year period, starting from January 1 to December 31 of the current year.

Article 14
(1) The obligation for annual fees begins when the Taxpayer obtains licensing, approval, registration, and ratification and ends after the licensing, approval, registration, and ratification are revoked, cancelled, or dissolved. (2) The obligation for annual fees for Taxpayers who have newly obtained licensing, approval, registration, and ratification and do not yet have a basis for calculating annual fees are subject to annual fees at the minimum amount as regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector. (3) In the event that the annual fee obligation as referred to in Article 13 is not for a full 1 (one) year, the annual fee is calculated proportionally on a monthly basis with the month portion calculated daily. (4) In the event that licensing, approval, registration, and ratification for Taxpayers subject to annual fees with a specific nominal value not referring to financial statements as referred to in Article 12 paragraph (2) are obtained after June 15, the payment of annual fees as referred to in paragraph (3) must be conducted no later than December 31 of the current year. (5) In the event that December 31 as referred to in paragraph (4) falls on a holiday, payment is conducted no later than the preceding working day.

Article 15
(1) Annual fees for issuers are calculated based on the value of all outstanding securities issuances included in the audited annual financial statements of the previous year. (2) For the calculation of annual fees for issuers, the value of outstanding securities is calculated based on the total value of securities issuances including:
a. the value of equity securities issued during a Public Offering, a Public Offering in the context of capital increase with preemptive rights/Limited Public Offering), capital increase without preemptive rights, the execution of securities that can be converted into shares, minus the value of shares from repurchased securities that reduce paid-up capital; b. the value of debt securities issued through a Public Offering and not yet paid off; and
c. the value of sukuk issued through a Public Offering and not yet paid off.

Section Three
Other Revenues
Article 16
(1) Types of other revenues as regulated in the Government Regulation concerning the Work Plan of the Financial Services Authority and Levies in the Financial Services Sector include:
a. revenues from administrative sanctions in the form of fines for violations of legislation in the Financial Services Sector; b. results from the management or storage of Levies and other revenues;
c. fines related to the procurement of goods and services;
d. results from asset utilization; and e. other legitimate revenues in accordance with the provisions of legislation.
(2) The procedure for collecting revenues from administrative sanctions in the form of fines for violations of legislation in the Financial Services Sector as referred to in paragraph (1) letter a imposed on Parties refers to the Financial Services Authority Regulation concerning the procedure for collecting administrative sanctions in the form of fines in the financial services sector. (3) Results from the management or storage of Levies and other revenues as referred to in paragraph (1) letter b are obtained through:
a. depositing and/or placing funds in State-Owned Enterprises banks with amounts set according to applicable interest rates/service rates/profit-sharing ratios in banking/financial service institutions; and/or b. placing funds in the form of securities issued or guaranteed by the Central Bank of the Republic of Indonesia or the State of the Republic of Indonesia. (4) The imposition of fines related to the procurement of goods and services as referred to in paragraph (1) letter c follows the provisions regarding the procurement of goods and services of the Financial Services Authority.

CHAPTER III
COLLECTION OF LEVIES AND IMPOSITION OF
ADMINISTRATIVE SANCTIONS IN THE FORM OF FINES
Article 17
(1) In the event that the Taxpayer does not settle the annual fee payment obligation until the deadline as regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector, the Financial Services Authority issues a first billing letter containing:
a. the obligation to pay annual fees no later than 30 (thirty) days from the date of the first billing; and b. the imposition of an administrative sanction in the form of a fine of 2% (two percent) per month of the Levy payment obligation due to late payment and a maximum of 48% (forty-eight percent) of the Levy payable, with the provision that a fraction of a month is calculated as 1 (one) month. (2) In the event that the Taxpayer does not settle the annual fee payment obligation until the deadline as set in the first billing letter, the Financial Services Authority issues a second billing letter containing:
a. the obligation to pay Levies no later than 30 (thirty) days after the end of the period as set in the first billing letter; and b. the imposition of an administrative sanction in the form of a fine of 2% (two percent) per month of the Levy payment obligation due to late payment and a maximum of 48% (forty-eight percent) of the Levy payable, with the provision that a fraction of a month is calculated as 1 (one) month. (3) In the event that the Taxpayer does not settle the annual fee payment obligation until the deadline as set in the second billing letter, the Financial Services Authority issues a third billing letter containing:
a. the obligation to pay Levies no later than 30 (thirty) days after the end of the period as set in the second billing letter; and b. the imposition of an administrative sanction in the form of a fine of 2% (two percent) per month of the Levy payment obligation due to late payment and a maximum of 48% (forty-eight percent) of the Levy payable, with the provision that a fraction of a month is calculated as 1 (one) month. (4) In the event that the Taxpayer does not settle the annual fee payment obligation until the deadline as regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector, the Financial Services Authority may add information links containing Taxpayer debt data in the financial information service system. (5) The issuance of the first, second, and third billing letters and the reporting of Taxpayer data in the financial information service system constitute collection with optimization efforts as a prerequisite for categorizing bad debts. (6) In addition to the administrative sanction in the form of a fine as referred to in paragraph (1) letter b, paragraph (2) letter b, and paragraph (3) letter b, Taxpayers who do not make or delay the payment of Levies may be subject to additional administrative sanctions other than administrative fines and/or specific actions as regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector, after the third billing letter as referred to in paragraph (3) has been issued. (7) The imposition of additional administrative sanctions other than administrative fines and/or specific actions may be considered part of optimization as referred to in paragraph (5). (8) The Financial Services Authority may announce the imposition of administrative sanctions as referred to in paragraph (6) to the public.

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Article 18
The Financial Services Authority may adjust the imposition of administrative sanctions in the form of fines as referred to in Article 17 paragraph (1) letter b, paragraph (2) letter b, and paragraph (3) letter b in the event of:
a. errors in the application of Financial Services Authority receipts; b. system errors at the Payment Bank; and/or
c. other matters that do not constitute a breach of contract by the Taxpayer and have been verified by the Financial Services Authority.

First Section
Categorization of Bad Debts

Article 19
(1) The Financial Services Authority categorizes payment obligations for Levies as bad debts if:
a. the Taxpayer fails to settle their obligations within a period of 1 (one) year from the date the payment period for the Levy ends and has been subject to administrative sanctions in the form of fines as stipulated in the billing letter as referred to in Article 17 paragraph (1), paragraph (2), and paragraph (3); b. collection has been carried out using optimization efforts as referred to in Article 17 paragraph (4); and
c. additional administrative sanctions other than administrative fine sanctions and/or specific actions as referred to in Article 17 paragraph (6) have been imposed, if any.
(2) The Financial Services Authority categorizes payment obligations for other receipts, other than administrative sanctions in the form of fines, as bad debts if:
a. the Taxpayer fails to settle their obligations within a period of 1 (one) year from the date the payment period ends based on legal documents for other receipts; and b. collection has been carried out using optimization efforts in accordance with the authority of the Financial Services Authority.

Second Section
Settlement of Bad Debts

Article 20
(1) The Financial Services Authority may request the settlement of bad debts as referred to in Article 19 through a request letter for debt management to the State Debt Management Committee in accordance with the criteria and process for debt acceptance based on regulations concerning state debt management. https://jdih.ojk.go.id/ (2) Levies and administrative sanctions in the form of fines categorized as bad debts that have had their settlement requested to the State Debt Management Committee as referred to in paragraph (1) are not subject to administrative sanctions in the form of a 2% (two percent) fine per month as regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector. (3) Payment for the settlement of bad debts that have been handed over for management to the State Debt Management Committee as referred to in paragraph (1) is carried out through the State Debt Management Committee.

Article 21
In the event that the Financial Services Authority's bad debts do not meet the criteria and process for debt acceptance as referred to in Article 20 paragraph (1), the Financial Services Authority carries out the settlement of bad debts itself.

Article 22
(1) In the event that the Taxpayer fails to settle their obligations as referred to in Article 19 and as an effort to settle bad debts itself as referred to in Article 21, the Financial Services Authority sends a summons letter delivered directly to the Taxpayer. (2) In the event that it cannot be delivered directly, the summons letter may be delivered to the Party via post with proof of mailing or other delivery services with proof of delivery, at the latest 5 (five) working days after the date of the said summons letter. (3) In addition to additional optimization measures as referred to in paragraph (1) and paragraph (2), the Financial Services Authority may carry out collection efforts with the assistance of third parties and/or court lawsuits.

Third Section
Collection of Other Receipts

Article 23
(1) In the event that the Party fails to settle the payment obligation for other receipts until the deadline as stipulated in the legal document and/or the agreement document for other receipts, the provisions concerning the collection of Levies as referred to in Article 19 paragraph (2), Article 21, and Article 22 apply mutatis mutandis to the collection of other receipts based on the said legal document and/or agreement document. (2) In the event that there is a guarantee in the management of debts originating from other receipts as referred to in paragraph (1), the Financial Services Authority liquidates the said guarantee. https://jdih.ojk.go.id/

Article 24
(1) In carrying out the settlement of bad debts, the Financial Services Authority has the authority to write off and cancel bad debts that have undergone collection optimization efforts. (2) Provisions concerning the procedure for writing off and canceling bad debts are stipulated by the Financial Services Authority.

CHAPTER IV
VERIFICATION OF ANNUAL COST CALCULATION

Article 25
(1) The Financial Services Authority may conduct Verification of annual cost obligations:
a. routinely; and/or b. specifically.
(2) Verification as referred to in paragraph (1) is carried out to ensure:
a. payment has been recorded in the Financial Services Authority's Account; b. the accuracy and correspondence of the basis for calculating the annual cost imposition; and/or
c. the accuracy of the calculation results of the obligation.
(3) Routine Verification as referred to in paragraph (1) letter a is conducted on every annual cost payment transaction.
(4) Specific Verification as referred to in paragraph (1) letter b is conducted on annual cost payment obligations that occur more than 1 (one) year since the annual cost payment was made and the change in the basis for Levy imposition. (5) Verification as referred to in paragraph (4) is conducted on annual cost obligations for at least 10 (ten) years prior to the implementation of the verification. (6) In the event that there are Verification arrangements for each Party, the provisions of Verification as referred to in paragraph (5) refer to the verification arrangements applicable to each Party. (7) In the event that there are:
a. written statements from the Taxpayer of their own volition stating that the paid annual cost does not correspond to their obligation; b. changes in the value of the basis for calculating the annual cost; or
c. indications of discrepancies in the calculation of obligations and annual cost payments,
the Financial Services Authority conducts Specific Verification as referred to in paragraph (1) letter b.
(8) The Financial Services Authority submits the results of Specific Verification as referred to in paragraph (1) letter b to the Taxpayer. https://jdih.ojk.go.id/ (9) The Taxpayer may request written clarification from the Financial Services Authority regarding the results of Verification as referred to in paragraph (8) at the latest 7 (seven) working days from the date of receipt of the Verification result letter from the Financial Services Authority. (10) If after the period as referred to in paragraph (9) the Taxpayer does not request written clarification from the Financial Services Authority, the Financial Services Authority's Verification result letter is final. (11) The Financial Services Authority provides explanations regarding the clarification request as referred to in paragraph (9) at the latest 7 (seven) working days from the date the clarification request letter is received by the Financial Services Authority. (12) In the event that there is a shortfall between the annual cost based on the Financial Services Authority's Verification minus the annual cost based on self-calculation, the shortfall is added as an annual cost obligation in the year the Verification result is established. (13) In the event that there is an overpayment between the annual cost based on the Financial Services Authority's Verification minus the annual cost based on self-calculation, the overpayment is deducted from the annual cost obligation in the year the Verification result is established. (14) The shortfall as referred to in paragraph (12) or the overpayment as referred to in paragraph (13) is added or deducted in the nearest payment stage after the discrepancy is established based on the Verification results.

Article 26
In addition to Verification of annual costs as referred to in Article 25 paragraph (1), the Financial Services Authority may conduct Verification of other receipts as referred to in Article 19 as regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector in accordance with legal documents and/or agreement documents.

Article 27
(1) Parties may submit a request for the return of overpayment by submitting requirements:
a. a request letter for the return of overpayment accompanied by supporting documents in the form of payment proof; and b. decision documents from the Financial Services Authority and/or other related documents. (2) The Financial Services Authority may return overpayments of Levies and other receipts based on the request letter as referred to in paragraph (1) and implemented in accordance with the provisions of the https://jdih.ojk.go.id/ Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector. (3) The return of overpayment as referred to in paragraph (2) is implemented at the latest 10 (ten) working days after the complete request documents are received. (4) In the event that the request letter for the return of overpayment submitted by the Taxpayer is not accompanied by supporting documents, the said request letter for the return of overpayment is considered not yet submitted to the Financial Services Authority. (5) The deadline for requesting the return of overpayment as referred to in paragraph (1) does not exceed the period in accordance with the provisions of the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector.

CHAPTER V
ADJUSTMENT OF LEVY PAYMENT OBLIGATIONS

Article 28
(1) In the event that:
a. the Taxpayer is experiencing financial difficulties, in rehabilitation efforts, in liquidation, and/or specific conditions stipulated by the Financial Services Authority; b. the majority or all of the Parties:

1. are unable to maintain their health level in accordance with the provisions of regulations; and/or
2. experience financial difficulties so that there is a potential for failure to meet obligations to consumers or may endanger the continuity of their business; and
   c. the Financial Services Authority will or is developing a specific industry, service type, or financial product, either nationally or in a specific region,
   the Financial Services Authority may establish an adjustment of the Levy payment obligation up to 0% (zero percent) of the Levy amount as regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector. (2) The criteria for financial difficulties, in rehabilitation efforts, in liquidation, and/or specific conditions stipulated by the Financial Services Authority as referred to in paragraph (1) letter a are contained in the annex which is an inseparable part of this Financial Services Authority Regulation. (3) The adjustment of the Levy payment obligation as referred to in paragraph (1) is established by the Financial Services Authority after obtaining approval from the Minister. (4) In the event that, according to the Financial Services Authority's analysis, the Taxpayer's condition has normalized and no longer meets the criteria contained in the annex which is an inseparable part of this Financial Services Authority Regulation, the Levy payment obligation may undergo tariff recovery and be reported to the Minister. https://jdih.ojk.go.id/

Article 29
(1) The adjustment of the Levy amount as referred to in Article 28 paragraph (1) letter a is carried out based on a written request for adjustment of the Levy payment obligation submitted to the Financial Services Authority. (2) The request for adjustment of the Levy payment obligation as referred to in paragraph (1) is received by the Financial Services Authority at the latest 60 (sixty) days before the final deadline for Levy payment. (3) The submission of the request as referred to in paragraph (2) contains information:
a. the fulfillment of the criteria for financial difficulties, in rehabilitation efforts, in liquidation, and/or specific conditions stipulated by the Financial Services Authority as referred to in Article 28 paragraph (2); b. the financial capability of the Taxpayer submitting the request; and
c. the work program for improving the company's condition if the Financial Services Authority establishes a Levy smaller than the Levy amount as regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector.
(4) Based on the analysis conducted by the Financial Services Authority, the Financial Services Authority may determine that the Taxpayer meets the conditions as referred to in Article 28 paragraph (1) letter a. (5) The adjustment of the Levy amount established for the Taxpayer based on the analysis results as referred to in paragraph (4) may be carried out without submitting a request as referred to in paragraph (1).

Article 30
The adjustment of the Levy amount as referred to in Article 28 paragraph (1) letter b is carried out based on the results of the analysis conducted by the Financial Services Authority on the majority or all of the Parties, and its impact on the financing of the Financial Services Authority's activities. https://jdih.ojk.go.id/

Article 31
The adjustment of the Levy payment obligation as referred to in Article 28 paragraph (1) letter c is carried out by the Financial Services Authority based on the priority of development of the industry, service type, or financial product established by the Financial Services Authority.

Article 32
(1) In the event that before the end of the current year, Levies and other receipts are greater than the Work Plan and Budget of the Financial Services Authority that has been approved by the House of Representatives, the Financial Services Authority may impose an annual cost up to 0% (zero percent) for the remainder of the current year after obtaining approval from the Minister. (2) The imposition of an annual cost of up to 0% (zero percent) as referred to in paragraph (1) considers the budget needs sourced from pure Rupiah. (3) The Financial Services Authority announces the imposition of an annual cost up to 0% (zero percent) as referred to in paragraph (1). (4) In the event that the Taxpayer has settled all annual cost obligations at the time the Financial Services Authority imposes an annual cost of 0% (zero percent) as referred to in paragraph (1), the overpayment calculated proportionally on a quarterly basis is accounted for in the payment obligation for the subsequent period. (5) In the event that the Taxpayer's business activities end in accordance with the provisions of regulations, the overpayment as referred to in paragraph (3) may be submitted as a request for the return of overpayment to the Financial Services Authority. (6) In the event that there are still Parties who have not settled the payment obligation for Levies and other receipts until the time of imposing an annual cost of up to 0% (zero percent) as referred to in paragraph (1), the collection of Levies and other receipts is carried out in accordance with the provisions as referred to in Article 19 to Article 24.

CHAPTER VI
TRANSITIONAL PROVISIONS

Article 33
(1) The categorization of bad debts prior to the implementation of this Financial Services Authority Regulation is declared to remain valid.
(2) For Taxpayers who have obtained licensing, approval, registration, ratification, and review of corporate action plans from the Financial Services Authority prior to the implementation of this Financial Services Authority Regulation, it is declared to have obtained licensing, approval, registration, ratification, and review of corporate action plans. (3) Parties conducting digital asset activities as referred to in Article 312 paragraph (1) letter a of Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector who have obtained permits from the Commodity Futures Trading Regulatory Agency and are included in the list of Parties whose regulation and supervision are transferred from the Commodity Futures Trading Regulatory Agency to the Financial Services Authority are not subject to licensing fees as referred to in Article 4 paragraph (1) letter a.

CHAPTER VII
CLOSING PROVISIONS

Article 34
(1) Provisions concerning Levies and other receipts in this Financial Services Authority Regulation shall take effect on January 1, 2025.
(2) The collection of Levies and the imposition of administrative sanctions as referred to in Article 15 to Article 22 shall be implemented against Levy payment obligations and other receipts starting from January 1, 2025.

Article 35
At the time this Financial Services Authority Regulation takes effect:
a. Financial Services Authority Regulation Number 3/POJK.02/2014 concerning Procedures for the Implementation of 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); and b. Financial Services Authority Regulation Number 22/POJK.02/2018 concerning Amendments to Financial Services Authority Regulation Number 3/POJK.02/2014 concerning Procedures for the Implementation of Levies by the Financial Services Authority (State Gazette of the Republic of Indonesia Year 2018 Number 240, Supplement to the State Gazette of the Republic of Indonesia Number 6271), are repealed and declared invalid.

Article 36
This Financial Services Authority Regulation shall take effect on the date of its promulgation. https://jdih.ojk.go.id/

This copy is in accordance with the original
Director of Legal Development
Legal Department signed
Aat Windradi

To ensure everyone knows, orders the promulgation of this Financial Services Authority Regulation by placing it in the State Gazette of the Republic of Indonesia.

Established in Jakarta on February 3, 2025
CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
MAHENDRA SIREGAR

Promulgated in Jakarta on February 12, 2025
MINISTER OF LAW OF THE REPUBLIC OF INDONESIA, signed SUPRATMAN ANDI AGTAS

STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2025 NUMBER 6/OJK https://jdih.ojk.go.id/

EXPLANATION
OF
FINANCIAL SERVICES AUTHORITY REGULATION
REPUBLIC OF INDONESIA
NUMBER 2 OF 2025
CONCERNING
PROCEDURES FOR THE IMPLEMENTATION OF LEVIES IN THE FINANCIAL SERVICES SECTOR AND OTHER REVENUES

I. GENERAL
Government Regulation Number 41 of 2024 concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector provides clarity regarding the management of non-tax state revenues originating from Levies and other revenues using a mechanism of partner institutions for managing non-tax state revenues and through this Government Regulation, the Financial Services Authority is established as a partner institution for managing non-tax state revenues. With the partner institution mechanism for managing non-tax state revenues, it is expected that there will be no changes to the business processes related to the implementation of Levies in the Financial Services Sector that have been running by the Financial Services Authority. As stated in the Government Regulation, in order to implement this Government Regulation operationally, a Financial Services Authority Regulation is required. The more operational arrangements include, among others, procedures for using Levies and other revenues directly, conducting Verification of annual cost calculations, receiving deposits of Levies and other revenues, categorizing bad debts and carrying out settlement, adjusting Levy payment obligations with Ministerial approval, and imposing administrative sanctions. In addition, certain explanations are needed to further clarify the meaning of a certain article or paragraph in the aforementioned Government Regulation so that it is not interpreted otherwise and to create uniformity and clarity in implementation, especially by the Taxpayer.

II. ARTICLE BY ARTICLE
Article 1
Clearly stated.

Article 2
Clearly stated.

Article 3
Paragraph (1)
Deposits into the Financial Services Authority's Account can be made through the banking system, including through banking service networks or e-channels.
Paragraph (2)
The deposit procedure is stated in the Financial Services Authority's receipt application.
Paragraph (3)
Obstacles to the implementation of deposits, including the Financial Services Authority's Account being unable to receive Levy payments, caused by, among others, disturbances in the system and/or the Financial Services Authority's and Payment Bank's payment networks, and force majeure events. Other payment procedures, including manual deposits of Levies and other revenues through the nearest Payment Bank. Other means of conveying information, including mass media. Paragraph (4) The conveyance of information on deposit procedures can be conveyed, among others, through sanction letters, billing letters, or can be accessed on the Financial Services Authority's receipt application. Letter a Clearly stated. Letter b Clearly stated. Letter c Other valid receipts, including grants. Paragraph (5) Rounding to the nearest Rupiah unit is regulated as follows:
a. Numbers located after the decimal point smaller than 0.5 (zero point five) are rounded down. b. Numbers located after the decimal point greater than or equal to 0.5 (zero point five) are rounded up to 1 unit. Example:

1. The total annual cost obligation 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 point four six Rupiah cents) then the annual cost 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) then the number after the decimal point is rounded down because it is smaller than 0.5 (zero point five).
2. The total registration cost obligation in the context of a Public Offering based on calculation results is Rp652,248,258.52 (six hundred fifty-two million two hundred forty-eight thousand two hundred fifty-eight point five two Rupiah cents) then the registration cost payment is rounded to Rp652,248,259.00 (six hundred fifty-two million two hundred forty-eight thousand two hundred fifty-nine Rupiah) then the number after the decimal point is rounded up because it is greater than 0.5 (zero point five).

Article 4
Paragraph (1)
Letter a
Licensing, approval, registration, ratification, and review fees for corporate action plans are registration costs.
Letter b
Clearly stated.
Paragraph (2)
Clearly stated.

Article 5
Paragraph (1)
Parties subject to licensing, approval, registration, ratification, and review fees for corporate action plans as contained in the Annex of the Government Regulation concerning the work plan and budget of the Financial Services Authority and levies in the financial services sector. Paragraph (2) What is meant by "complete and correct" is that the submission of documents is carried out in accordance with the provisions of regulations. Paragraph (3) Clearly stated. Paragraph (4) Clearly stated. Paragraph (5) Clearly stated.

Article 6
Paragraph (1)
Clearly stated.
Paragraph (2)
Clearly stated.
Paragraph (3)
Self-calculated registration cost payments also apply to calculations in the context of Public Offerings conducted through continuous Public Offering procedures. The registration cost for continuous Public Offerings is calculated based on the total amount of funds to be raised for all stages. Paragraph (4) For Public Offerings conducted through continuous Public Offering procedures, the determination of the issuance value is done cumulatively after the allocation process for all stages of the continuous Public Offering is completed. Paragraph (5) Clearly stated. Paragraph (6) Clearly stated. Paragraph (7)

---

The term “verification” refers to the verification of the emission value based on confirmation and document verification for the return of overpayments received in full and correctly, consisting of:

1. A refund application from the Taxpayer;
2. The refund giro account; and
3. The prospectus.

Paragraph (8)
A registration statement in the context of a Public Offering is void, among other reasons, if:

1. The Taxpayer cancels the statement before or after the registration statement becomes effective;
2. The Financial Services Authority cancels the statement after the registration statement becomes effective (due to violations of applicable laws and regulations); or
3. Cancellation occurs due to the failure to meet the requirements for recording Securities on the Stock Exchange, in accordance with applicable capital market laws and regulations.

Article 7
This is clear enough.

Article 8
Example of annual fee calculation for an Investment Manager:
PT AZR Asset Management Indonesia is a Securities Company holding a business license as an Investment Manager.
Based on the audited 2028 Annual Financial Report, PT AZR Asset Management Indonesia recorded:
Investment Manager Service Revenue, including fees from portfolio management, subscription fees, and redemption fees: Rp 24,000,000,000.00 Investment Income, including dividends, interest, and profits (losses) from Securities portfolios for its own benefit: (Rp 1,500,000,000.00) Other Revenue, i.e., revenue not related to Investment Manager activities: Rp 500,000,000.00 PT AZR Asset Management Indonesia’s revenue derived from its business activities as an Investment Manager is Rp 22,500,000,000.00, consisting of Investment Manager service revenue and investment income. Based on the Appendix to Government Regulation Number 41 of 2024 concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector, the annual fee rate for an Investment Manager is 3% (three percent) of revenue or at least Rp 10,000,000.00. Based on this rate, PT AZR Asset Management Indonesia’s annual fee obligation for 2029 is 3% (three percent) multiplied by Rp 22,500,000,000.00, amounting to Rp 675,000,000.00.

Article 9
Paragraph (1)
This is clear enough.

Paragraph (2)
Example of annual fee calculation for a Securities Underwriter that also conducts activities as a Securities Trading Broker administering Customer Securities Accounts:
PT CLV Securities Indonesia is a Securities Company holding a business license as a Securities Underwriter that also conducts activities as a Securities Trading Broker administering Customer Securities Accounts. Based on the audited 2028 Annual Financial Report, PT CLV Securities Indonesia’s revenue in the Statement of Profit or Loss and Other Comprehensive Income is as follows:
Revenue: Rp 50,000,000,000.00
Expenses: Rp 35,000,000,000.00
Gross Profit: Rp 15,000,000,000.00
Other Revenue: Rp 4,000,000,000.00
Other Expenses & Financial Expenses: Rp 2,000,000,000.00 Profit (Loss) for the Current Period: Rp 17,000,000,000.00 Revenue of Rp 50,000,000,000.00 consists of:
Securities Underwriting Activity Revenue: Rp 36,000,000,000.00 Securities Trading Broker Activity Revenue: Rp 12,000,000,000.00 Dividend and Interest Income: Rp 2,000,000,000.00 Based on the Appendix to the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector, the annual fee rate for a Securities Underwriter that also conducts activities as a Securities Trading Broker administering Customer Securities Accounts is 0.975% (zero point nine seven five percent) of revenue or at least Rp 10,000,000.00. Based on this rate, PT CLV Securities Indonesia’s annual fee obligation for 2029 is 0.975% (zero point nine seven five percent) multiplied by Rp 50,000,000,000.00, amounting to Rp 487,500,000.00.

Article 10
The term “contract value” refers to the total contract amount received by public accounting offices, public valuation offices, law consulting offices, notary offices, and actuarial consulting offices on a quarterly basis during a 1 (one) year period, i.e., from January 1 to December 31 of the current year.

Article 11
Example of annual fee calculation for a Professional Certification Body:
PT GCS Certif is a company holding a business license as a Professional Certification Body.
Based on the audited 2028 Annual Financial Report, PT GCS Certif reported revenue received from certification participant registration fees in the financial services sector totaling Rp 5,000,000,000.00, consisting of:
Agency Certification Revenue in the Financial Services Sector: Rp 2,900,000,000.00 Expertise Certification Revenue in the Financial Services Sector: Rp 2,000,000,000.00 Wealth Planner Certification Revenue: Rp 100,000,000.00 Based on the Appendix to the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector, the annual fee rate for a Professional Certification Body is 1% (one percent) of revenue from certification participant registration fees in the Financial Services Sector received, or at least Rp 1,000,000.00. Based on this rate, PT GCS Certif’s annual fee obligation for 2029 is 1% (one percent) multiplied by Rp 5,000,000,000.00, amounting to Rp 50,000,000.00.

Article 12
Example of annual fee calculation for a Financial Conglomerate Holding Company:
PT RAN International is the holding company of the RAN Group, comprising RAN Bank, RAN Securities, RAN Insurance, and RAN Motor.
Based on the audited 2028 Consolidated Annual Financial Report, PT RAN International and its subsidiaries recorded total assets of Rp 2,149,500,000,000,000.00.
The total assets of each subsidiary are known as follows:

1. RAN Bank (Licensed Financial Institution - LJK): Rp 2,000,000,000,000,000.00
2. RAN Insurance (LJK): Rp 100,000,000,000,000.00
3. RAN Finance (LJK): Rp 50,000,000,000,000.00
4. RAN Motor (Non-LJK): Rp 10,000,000,000,000.00
   The total assets of PT RAN International’s subsidiaries that are Financial Service Institutions and have been consolidated amount to Rp 2,150,000,000,000,000.00, which is the sum of items 1 through 3. Based on the Appendix to the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector, the annual fee rate for a Financial Conglomerate Holding Company is 0.045% (zero point zero four five percent) of total assets minus the total assets of all consolidated Financial Service Institutions, or at least Rp 10,000,000.00. From the financial data above, the annual fee base based on the total assets of PT RAN International without subsidiaries that are Financial Service Institutions is calculated as Rp 2,149,500,000,000,000.00 minus the total assets of PT RAN International’s subsidiaries that are Financial Service Institutions, totaling Rp 2,150,000,000,000,000.00, resulting in -Rp 500,000,000,000.00. Based on this annual fee base, PT RAN International’s 2029 annual fee obligation is subject to the minimum rate of Rp 10,000,000.00.

Article 13
This is clear enough.

Article 14
Paragraph (1)
Registration includes, among other things, the effectiveness of a registration statement in the context of a Public Offering.

Paragraph (2)
This is clear enough.

Paragraph (3)
Not being within 1 (one) full year is caused by, among other things:
a. Licensing, approvals, registration, and confirmation obtained during the current year; b. Allocation in the context of an initial Public Offering during the current year;
c. Cessation of levy payment obligations due to license revocation, approval revocation, registration revocation, going private, and dissolution.
Example:
It is known that the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector was promulgated on February 12, 2024. PT XYZ is a Micro-Economy Bank with assets according to the audited annual financial report amounting to Rp 100,000,000,000.00 (one hundred billion rupiah). Therefore, PT XYZ’s annual fee obligation for 2024 is Rp 26,517,857.00 (twenty-six million five hundred seventeen thousand eight hundred fifty-seven rupiah), detailed as follows:
Stage I
Monthly Proportion = 25% x (0.03% x Rp 100,000,000,000.00) / 3 Months = Rp 2,500,000.00 February = Rp 2,500,000.00 x 17/28 = 1,517,857.00 March = Rp 2,500,000.00 Thus, the total Stage I annual fee payment for 2024 is Rp 4,017,857.00. Stage II 25% x (0.03% x Rp 100,000,000,000.00) = Rp 7,500,000.00 Stage III 25% x (0.03% x Rp 100,000,000,000.00) = Rp 7,500,000.00 Stage IV 25% x (0.03% x Rp 100,000,000,000.00) = Rp 7,500,000.00

Paragraph (4)
This is clear enough.

Paragraph (5)
This is clear enough.

Article 15
Paragraph (1)
This is clear enough.

Paragraph (2)
Letter a
Calculation of emission value for Securities for:

1. Public Offering is the multiplication of the number of shares by the execution price.
2. Public Offering in the context of capital increase with pre-emptive rights/Limited Public Offering (right issue) is the multiplication of the number of shares resulting from the execution of the Public Offering in the context of capital increase with pre-emptive rights by the execution price.
3. Capital increase without pre-emptive rights is the multiplication of the number of shares by the execution price.
4. Executable Securities that can be converted into shares consist of:
   a) Execution of convertible debt instruments is the multiplication of the number of shares resulting from the execution of convertible debt instruments by the execution price; b) Execution of warrants is the multiplication of the number of shares resulting from the execution of warrants by the execution price; and c) Execution of options, including employee stock option programs and management stock option programs, is the multiplication of the number of shares resulting from the execution of options by the execution price.
5. Shares withdrawn resulting in a decrease in paid-up capital, based on the value of the decrease in equity due to the withdrawal of shares.

Letter b
Public Offering of Debt Securities that have not been fully paid based on the execution price.

Letter c
Public Offering of Sukuk that have not been fully paid based on the execution price.

Article 16
This is clear enough.

Article 17
Paragraph (1)
This is clear enough.

Paragraph (2)
This is clear enough.

Paragraph (3)
This is clear enough.

Paragraph (4)
The addition of information links containing Taxpayer debt data in the financial information service system is intended as one form of collection through optimization efforts. The addition of information links containing Taxpayer debt data in the financial information service system is submitted simultaneously with the submission of the first billing letter.

Paragraph (5)
This is clear enough.

Paragraph (6)
This is clear enough.

Paragraph (7)
This is clear enough.

Paragraph (8)
The imposition of administrative sanctions may be announced to the public through mass media, including the Financial Services Authority website.

Article 18
Letter a
This is clear enough.

Letter b
This is clear enough.

Letter c
Other matters that do not constitute breach of contract include, among other things, fire, earthquakes, floods, and other force majeure events.

Article 19
This is clear enough.

Article 20
This is clear enough.

Article 21
This is clear enough.

Article 22
Paragraph (1)
This is clear enough.

Paragraph (2)
Cannot be submitted directly includes, among other things, cases where submission costs are higher than the potential Revenue obtained by the Financial Services Authority.

Paragraph (3)
Collection through third parties includes, among other things, cooperation with liquidators, curators, the prosecutor’s office, and/or other government institutions.

Article 23
Paragraph (1)
Legal documents include, among other things, legal products in the form of laws and regulations, or legal products other than laws and regulations, such as court decisions. Contract documents include, among other things, cooperation agreements regarding levy management, procurement of goods and services, and asset utilization.

Paragraph (2)
The term “guarantees in debt management” refers to implementation guarantee documents from financial service institutions.

Article 24
This is clear enough.

Article 25
Paragraph (1)
Letter a
Regular verification is conducted through data matching, requests for information, confirmation, and/or other off-site testing.

Letter b
Special verification is conducted, among other things, by summoning, conducting field visits, and/or office examinations.

Paragraph (2)
This is clear enough.

Paragraph (3)
This is clear enough.

Paragraph (4)
This is clear enough.

Paragraph (5)
This is clear enough.

Paragraph (6)
This is clear enough.

Paragraph (7)
Letter a
This is clear enough.

Letter b
Changes in the base value of the levy occur, among other things, due to the presentation of financial reports and subsequent audits.

Letter c
Verification regarding indications of discrepancies in the calculation of Levy obligations and payments is conducted when the Financial Services Authority finds calculation errors regarding levies from last year or earlier, whether system errors or human errors.

Paragraph (8)
This is clear enough.

Paragraph (9)
This is clear enough.

Paragraph (10)
This is clear enough.

Paragraph (11)
This is clear enough.

Paragraph (12)
This is clear enough.

Paragraph (13)
This is clear enough.

Paragraph (14)
This is clear enough.

Article 26
This is clear enough.

Article 27
Paragraph (1)
Letter a
This is clear enough.

Letter b
The term “decision documents from the Financial Services Authority and/or other related documents” refers to:

1. Letters of decision adjusting Levies in cases where there is a policy adjustment of Levies for the Taxpayer;
2. Registration statement letters and emission value confirmations for Parties conducting Public Offerings;
3. Letters of license, registration, confirmation, and/or approval revocation for activities in the Financial Services Sector from the Financial Services Authority for Parties that no longer hold licenses, registrations, confirmations, and/or approvals for activities in the Financial Services Sector;
4. Letters of decision regarding objections to administrative sanctions in the form of fines and/or court decisions that have permanent legal force; and
5. Destination account numbers for fund refunds.

Paragraph (2)
This is clear enough.

Paragraph (3)
This is clear enough.

Paragraph (4)
This is clear enough.

Paragraph (5)
The time limit for refund applications for overpayments as regulated in the Government Regulation concerning the Work Plan and Budget of the Financial Services Authority and Levies in the Financial Services Sector is 2 (two) years and 5 (five) years according to respective criteria.

Article 28
Paragraph (1)
Letter a
The adjustment of Levy amounts is intended to reduce the likelihood of worsening financial conditions and/or assist the financial rehabilitation process for the Taxpayer.

Letter b
This is clear enough.

Letter c
Priorities for developing specific industries, service types, or financial products include, among other things, the development of conventional industries, service types, or financial products, based on Sharia principles, and micro-financial institutions.

Paragraph (2)
This is clear enough.

Paragraph (3)
This is clear enough.

Paragraph (4)
This is clear enough.

Article 29
Paragraph (1)
This is clear enough.

Paragraph (2)
This is clear enough.

Paragraph (3)
This is clear enough.

Paragraph (4)
Analysis conducted by the Financial Services Authority may be based on conditions occurring to Taxpayers who are required to pay Levies, so that the Financial Services Authority can determine that such Taxpayer is experiencing financial difficulties and is undergoing rehabilitation efforts, for example:
a. The Financial Services Authority has been unable to correspond with such Taxpayer for the last 3 (three) years, including the non-implementation of administrative sanctions imposed by the Financial Services Authority; b. There are no Directors, Board of Commissioners, or controlling shareholders who can be contacted for the last 3 (three) years; and/or
c. Failure to submit periodic reports to the Financial Services Authority for 3 (three) consecutive years.
Such analysis by the Financial Services Authority may be supported by information from external parties, for example, from agencies responsible for handling the collection of Levies categorized as non-performing.

Paragraph (5)
This is clear enough.

Article 30
This is clear enough.

Article 31
This is clear enough.

Article 32
This is clear enough.

Article 33
This is clear enough.

Article 34
This is clear enough.

Article 35
This is clear enough.

Article 36
This is clear enough.

SUPPLEMENT TO THE GAZETTE OF THE REPUBLIC OF INDONESIA NUMBER 136/OJK

APPENDIX
FINANCIAL SERVICES AUTHORITY REGULATION OF THE REPUBLIC OF INDONESIA NUMBER 2 OF 2025 CONCERNING PROCEDURES FOR IMPLEMENTING LEVIES IN THE FINANCIAL SERVICES SECTOR AND OTHER REVENUES

FINANCIAL DIFFICULTY CRITERIA

1. General Banks, Sharia General Banks, Branch Offices of Banks Located Abroad, Micro-Economy Banks, Sharia Micro-Economy Banks, Financial Conglomerate Holding Companies
   a. Banks under normal supervision experiencing difficulties endangering their business continuity; b. Banks under rehabilitation; or
   c. Banks under resolution.

2. Financial Conglomerate Holding Companies
   a. For Operational Financial Conglomerate Holding Companies, referring to the financial difficulty criteria of Financial Service Institutions in the Financial Conglomerate Holding Company sector. b. For Non-Operational Financial Conglomerate Holding Companies, experiencing financial difficulties and undergoing rehabilitation, including among other conditions negative profit for 3 (three) consecutive years and/or experiencing capital issues.

3. Banking Sector Public Accountants
   a. Declared bankrupt by a court; or b. Based on Financial Services Authority analysis, Banking Sector Public Accountants experiencing financial difficulties and undergoing rehabilitation and/or being liquidated, including among other conditions as follows:

1. The Financial Services Authority has been unable to correspond with Banking Sector Public Accountants for the last 3 (three) years, including the non-implementation of administrative sanctions imposed by the Financial Services Authority;
2. Banking Sector Public Accountants fail to meet requirements to provide services in banking financial services activities in accordance with applicable laws and regulations for at least 1 (one) year;
3. Banking Sector Public Accountants are subject to suspension sanctions by the Financial Services Authority for at least 1 (one) year;
4. Banking Sector Public Accountants who have obtained approval for temporary suspension of service provision at the Financial Services Authority (leave) for at least 1 (one) year due to appointment as State Officials in accordance with applicable laws and regulations; or
5. Banking Sector Public Accountants are in critical condition/illness, unconscious (coma), or incapacitated, proven by valid letters/documents.

4. Issuers and Public Companies (non-Financial Services Sector)
   a. Issuers and Public Companies that for the last 3 (three) consecutive years have had negative working capital and liabilities exceeding 80% of the company’s assets; b. All main business licenses and/or business licenses contributing the largest revenue to the Issuer or Public Company are revoked by the competent authority, resulting in the Issuer or Public Company gradually experiencing conditions as mentioned in letter a;
   c. Issuers or Public Companies meeting the following criteria:

1. Not operating fully for at least 3 (three) consecutive years; and/or
2. All business activities are suspended by the competent authority; or
   d. Based on Financial Services Authority analysis, Issuers or Public Companies experiencing financial difficulties and undergoing rehabilitation, including among other conditions as follows:
3. The Financial Services Authority has been unable to correspond with such Taxpayer for the last 3 (three) years, including the non-implementation of administrative sanctions imposed by the Financial Services Authority;
4. No Directors, Board of Commissioners, or main shareholders who can be contacted for the last 3 (three) years;
5. Failure to submit periodic reports to the Financial Services Authority for 3 (three) consecutive years due to the Taxpayer experiencing financial difficulties and/or undergoing rehabilitation; and/or
6. Issuers and Public Companies are being liquidated, i.e., conducted by liquidators or curators.

5. Securities Underwriters, Securities Trading Brokers, Investment Managers, Capital Market Protection Fund Administrators, Securities Financing Institutions, Securities Underwriters that also conduct activities as Securities Trading Brokers administering Customer Securities Accounts, Securities Underwriters that also conduct activities as Securities Trading Brokers not administering Customer Securities Accounts, Securities Trading Brokers administering Customer Securities Accounts, Securities Trading Brokers specifically established to market Mutual Fund Securities, Securities Trading Brokers not administering Customer Securities Accounts, Securities Trading Brokers for Debt Securities and/or Sukuk, Institutional Marketing Partners of Securities Trading Brokers
   a. Adjusted Working Capital (AWC) less than required by applicable regulations for the last 3 (three) consecutive months; b. Having negative retained earnings for at least 3 (three) consecutive years;
   c. Having negative equity for the last 3 (three) consecutive years;
   d. The Company is subject to business suspension for more than 1 (one) year; e. The Company does not conduct business activities for more than 1 (one) year; or f. Based on Financial Services Authority analysis, Securities Underwriters, Securities Trading Brokers, Investment Managers, Capital Market Protection Fund Administrators, Securities Financing Institutions, Securities Underwriters that also conduct activities as Securities Trading Brokers administering Customer Securities Accounts, Securities Underwriters that also conduct activities as Securities Trading Brokers not administering Customer Securities Accounts, Securities Trading Brokers administering Customer Securities Accounts, Securities Trading Brokers specifically established to market Mutual Fund Securities, Securities Trading Brokers not administering Customer Securities Accounts, Securities Trading Brokers for Debt Securities and/or Sukuk, Institutional Marketing Partners of Securities Trading Brokers experiencing financial difficulties and undergoing rehabilitation, including among other conditions as follows:

1. The Financial Services Authority has been unable to correspond with such Taxpayer for the last 3 (three) years, including the office cannot be found, and the non-implementation of administrative sanctions imposed by the Financial Services Authority;
2. No Directors, Board of Commissioners, or main shareholders who can be contacted for the last 3 (three) years;
3. Failure to submit periodic reports to the Financial Services Authority for 3

(three) consecutive years due to the Taxpayer experiencing financial difficulties and in the process of rehabilitation;
4) The Taxpayer is undergoing liquidation, namely that conducted by a liquidator or curator; and/or
5) The Investment Manager in a Specific Action Order and/or Written Order involving restrictions on business activities/management of specific investment products for more than 1 (one) year which has a significant impact on the company's financial condition.

6. Stock Exchange,
   Clearing and Guarantee
   Institution,
   Depository and Settlement
   Institution,
   Government Bond Trading
   Organizer, Securities
   Administration Bureau,
   Custodian Bank,
   Trustee, Investment
   Advisor in corporate form,
   Rating Agency,
   Securities Valuation
   Institution, Mutual Fund
   Sales Agent,
   Alternative Market
   Organizer,
   Carbon Exchange
   Organizer,
   Digital Financial Asset
   Exchange Organizer, including Crypto Assets,
   Digital Financial Asset
   Trading Clearing,
   Guarantee and Settlement
   Institution, Digital Financial
   Asset Storage Facility
   Manager,
   Financial Instrument
   Management Body,
   Trust Fund Manager,
   Financial Sector Technology
   Innovation Organizer, and
   Digital Financial Assets and Crypto Assets, both conventional and Sharia, and third parties supporting the operation of Financial Sector Technology Innovation, and Digital Financial Assets and Crypto Assets, Electronic Shareholder General Meeting System Provider, Electronic Debt and/or Sukuk Security Holder General Meeting System Provider, and/or Electronic Other Security Holder General Meeting System Provider

a. Has negative retained earnings for at least 3 (three) consecutive years; b. Has negative equity for 3 (three) consecutive years; or
c. Based on the analysis of the Financial Services Authority, Stock Exchange, Clearing and Guarantee Institution, Depository and Settlement Institution, Government Bond Trading Organizer, Securities Administration Bureau, Custodian Bank, Trustee, Investment Advisor in corporate form, Securities Rating Company, Securities Valuation Institution, Mutual Fund Sales Agent, Alternative Market Organizer, Carbon Exchange Organizer, Digital Financial Asset Exchange Organizer including Crypto Assets, Digital Financial Asset Trading Clearing, Guarantee and Settlement Institution, Digital Financial Asset Storage Facility Manager, Financial Instrument Management Body, Trust Fund Manager, Financial Sector Technology Innovation Organizer, and Digital Financial Assets and Crypto Assets, both conventional and Sharia, and third parties supporting the operation of Financial Sector Technology Innovation, and Digital Financial Assets and Crypto Assets, Electronic Shareholder General Meeting System Provider, Electronic Debt and/or Sukuk Security Holder General Meeting System Provider, and/or Electronic Other Security Holder General Meeting System Provider experiencing financial difficulties and in the process of rehabilitation, including conditions as follows:

1. The Financial Services Authority is unable to correspond with the Taxpayer for the last 3 (three) years, including the office being unlocatable, and the non-implementation of administrative sanctions imposed by the Financial Services Authority;
2. There are no Directors, Board of Commissioners, or major shareholders who can be contacted for the last 3 (three) years;
3. Failure to submit periodic reports to the Financial Services Authority for 3 (three) consecutive years due to the Taxpayer experiencing financial difficulties and in the process of rehabilitation; and/or
4. Stock Exchange, Clearing and Guarantee Institution, Depository and Settlement Institution, Government Bond Trading Organizer, Securities Administration Bureau, Custodian Bank, Trustee, Investment Advisor in corporate form, Rating Agency, Securities Valuation Institution, Mutual Fund Sales Agent, Alternative Market Organizer, Carbon Exchange Organizer, Digital Financial Asset Exchange Organizer including Crypto Assets, Digital Financial Asset Trading Clearing, Guarantee and Settlement Institution, Digital Financial Asset Storage Facility Manager, Digital Financial Asset Storage Facility Manager, Financial Instrument Management Body, Trust Fund Manager, Financial Sector Technology Innovation Organizer, and Digital Financial Assets and Crypto Assets, both conventional and Sharia, and third parties supporting the operation of Financial Sector Technology Innovation, and Digital Financial Assets and Crypto Assets, Electronic Shareholder General Meeting System Provider, Electronic Debt and/or Sukuk Security Holder General Meeting System Provider, and/or Electronic Other Security Holder General Meeting System Provider undergoing liquidation, namely that conducted by a liquidator or curator.

7. Capital Market Supporting Professions
   a. Has been declared bankrupt by the Court; or b. Based on the analysis of the Financial Services Authority, Capital Market Supporting Professions experiencing financial difficulties and in the process of rehabilitation and/or undergoing liquidation, including conditions as follows:

1. The Financial Services Authority is unable to correspond with the Capital Market Supporting Profession for the last 3 (three) years, including the non-implementation of administrative sanctions imposed by the Financial Services Authority;
2. The Capital Market Supporting Profession does not meet the requirements to conduct activities in the Capital Market in accordance with statutory regulations for at least 1 (one) year;
3. The Capital Market Supporting Profession is subject to suspension sanctions by the Financial Services Authority for at least 1 (one) year;
4. Capital Market Supporting Professions that have obtained approval to temporarily not conduct activities in the Capital Market (leave) for at least 1 (one) year due to being appointed as State Officials in accordance with statutory regulations; and/or
5. Capital Market Supporting Professions are in critical condition/illness, unconscious (coma), or incapacitated.

8. Insurance Companies,
   Reinsurance Companies a. Based on the analysis of the Financial Services Authority, the company experiences financial difficulties, in the process of rehabilitation, and/or undergoing liquidation, namely meeting criteria including:

1. solvency ratio less than 80% (eighty percent) of minimum risk-based capital;
2. liquidity ratio less than 80% (eighty percent); and
3. investment adequacy ratio less than 80% (eighty percent).
   b. The company has obtained approval for business activity cessation from the Financial Services Authority and is in the implementation stage of business activity cessation and has not had its business license revoked by the Financial Services Authority.

9. Sharia Insurance Companies,
   Sharia Reinsurance Companies a. Based on the analysis of the Financial Services Authority, the company experiences financial difficulties, in the process of rehabilitation, and/or undergoing liquidation, namely meeting criteria including:

1. solvency ratio less than 80% (eighty percent) of: minimum risk-based capital (MMBR) or minimum risk-based tabarru’ fund and tanahud fund (DTMBR);
2. liquidity ratio less than 80% (eighty percent); and
3. investment adequacy ratio less than 80% (eighty percent).
   b. The company has obtained approval for business activity cessation from the Financial Services Authority and is in the implementation stage of business activity cessation and has not had its business license revoked by the Financial Services Authority.

10. Insurance Brokerage
    Companies, and
    Reinsurance Brokerage
    Companies,
    Insurance Loss Appraisal
    Companies. a. Based on the analysis of the Financial Services Authority, the company experiences financial difficulties, in the process of rehabilitation, and/or undergoing liquidation, namely including:

1. negative retained earnings for at least 3
   (three) consecutive years; and
2. equity less than 50% of the minimum equity
   requirements. b. The company has returned its business license but has not obtained approval from the Financial Services Authority.

11. Actuarial Consulting
    Offices a. Based on the analysis of the Financial Services Authority, the company experiences financial difficulties, in the process of rehabilitation, and/or undergoing liquidation, namely including negative retained earnings for at least 3 (three) consecutive years. b. The company submits a resignation request but has not obtained approval from the Financial Services Authority.

12. Financing Companies,
    Infrastructure Financing
    Companies,
    Venture Capital Companies,
    Pawning Companies,
    Organizers of Technology-Based
    Joint Financing Services,
    Organizers of Technology-Based
    Crowdfunding Services,
    Large-scale Microfinance
    Institutions,
    Small or Medium-scale Microfinance
    Institutions, and Other Financial Service
    Institutions a. Has negative retained earnings for at least 3 (three) consecutive years; b. Currently subject to business activity suspension sanctions; or
    c. Based on the analysis of the Financial Services Authority, Financing Companies,
    Infrastructure Financing Companies,
    Venture Capital Companies,
    Pawning Companies, Organizers of Technology-Based Joint Financing Services, Organizers of Technology-Based Crowdfunding Services, Large-scale Microfinance Institutions, Small or Medium-scale Microfinance Institutions, and Other Financial Service Institutions experiencing financial difficulties, in the process of rehabilitation, and/or undergoing liquidation, including very high risk conditions based on supervisor assessment results.

13. Sharia Financing
    Companies,
    Sharia Infrastructure
    Financing Companies,
    Sharia Venture Capital
    Companies,
    Organizers of Technology-Based
    Joint Financing Services
    Sharia,
    Sharia Pawning Companies,
    Large-scale Sharia Microfinance
    Institutions,
    Small or Medium-scale
    Sharia Microfinance
    Institutions, and
    Other Financial Service
    Institutions based on
    Sharia Principles a. Has negative retained earnings for at least 3 (three) consecutive years; b. Currently subject to business activity suspension sanctions; or
    c. Based on the analysis of the Financial Services Authority, Sharia Financing Companies,
    Sharia Infrastructure Financing
    Companies, Sharia Venture Capital Companies,
    Organizers of Technology-Based Joint Financing Services Sharia, Sharia Pawning Companies, Large-scale Sharia Microfinance Institutions, Small or Medium-scale Sharia Microfinance Institutions, and Other Financial Service Institutions based on Sharia Principles experiencing financial difficulties, in the process of rehabilitation, and/or undergoing liquidation, including very high risk conditions based on supervisor assessment results.

14. Institutional Pension Funds,
    Employer Pension Funds,
    Sharia Institutional Pension
    Funds, and Employer
    Pension Funds Sharia a. Pension funds experiencing financial difficulties, in the process of rehabilitation, and/or undergoing liquidation namely meeting criteria including:

1. for employer pension funds operating defined benefit
   pension programs (including Sharia pension funds), experiencing financial difficulties namely meeting criteria including:
   a) funding quality level 3 (three) with solvency ratio less than 50% (fifty percent); b) liquidity ratio less than 80% (eighty percent); and c) contribution receivable age greater than or equal to 24 (twenty-four) months.

2. for employer pension funds operating defined contribution
   pension programs (including Sharia pension funds), experiencing financial difficulties namely meeting criteria including:
   a) liquidity ratio less than 80%
   (eighty percent); and b) contribution receivable age greater than or equal to 24 (twenty-four) months.

3. for institutional pension funds
   (including institutional pension funds
   Sharia), experiencing financial difficulties namely meeting criteria including liquidity ratio less than 80% (eighty percent). b. Pension funds have submitted a dissolution request but have not obtained approval from the Financial Services Authority.

15. Guarantee Companies
    and Reinsurance Guarantee
    Companies a. Companies experiencing financial difficulties, in the process of rehabilitation, and/or undergoing liquidation namely meeting criteria including:

1. liquidity ratio below 50% (fifty
   percent); and
2. negative retained earnings for at least 3
   (three) consecutive years; b. Companies have obtained approval for business activity cessation from the Financial Services Authority and are in the implementation stage of business activity cessation and have not had their business licenses revoked by the Financial Services Authority.

16. Sharia Guarantee Companies
    and Sharia Reinsurance Guarantee
    Companies a. Companies experiencing financial difficulties, in the process of rehabilitation, and/or undergoing liquidation namely meeting criteria including:

1. liquidity ratio below 50% (fifty
   percent); and
2. negative retained earnings for at least 3
   (three) consecutive years; b. Companies have obtained approval for business activity cessation from the Financial Services Authority and are in the implementation stage of business activity cessation and have not had their business licenses revoked by the Financial Services Authority.

17. Public Accounting Offices
    a. Has been declared bankrupt by the court; or b. Based on the analysis of the Financial Services Authority, Public Accounting Offices experiencing financial difficulties and in the process of rehabilitation and/or undergoing liquidation, including conditions as follows:

1. The Financial Services Authority is unable
   to correspond with the
   Public Accounting Office for 3 (three) years, including the non- implementation of administrative sanctions imposed by the Financial Services Authority;
2. Public Accounting Offices do not meet
   the requirements to provide services in financial services activities in accordance with statutory regulations for at least 1 (one) year;
3. Public Accounting Offices are subject to
   suspension sanctions by the Financial Services Authority for at least 1 (one) year; and/or
4. Conditions of Public Accounting Offices that truly experience financial
   difficulties due to force majeure, such as natural disasters, fires, and/or other disasters that must be declared by officials/ competent authorities where the revenue of the Public Accounting Office is prioritized for restoring financial conditions after the disaster or renovating the Public Accounting Office building.

CHAIRMAN OF THE COMMISSIONERS BOARD
FINANCIAL SERVICES AUTHORITY
REPUBLIC OF INDONESIA, signed
MAHENDRA SIREGAR