Press Release: Implementing Regulation on OJK Levy

Apr 3 2014
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Financial Services Authority, April 3rd, 2014: The Financial Services Authority (OJK) has issued regulation and circular letter regarding OJK levy for practitioners of financial services sector as a follow-up measure to implement Government Regulation in Lieu of Law (Perpu) No. 11 of 2014 on OJK levy, which was issued by Indonesian government on February 12th, 2014.

The issued regulation is OJK Regulation No. 3/POJK.02/2014 on procedure for implementing OJK levy, whereas the circular letter is Circular Letter No. 4/SEOJK.02/2014 on mechanism of OJK levy payment, which contains explanation about payment methods for OJK levy payers that include financial services institutions, as well as individuals and institutions doing businesses in financial services sectors.

The issuance of these OJK regulation and circular letter on OJK levy indicates OJK`s preparedness in implementing government regulations on levy while at the same time executing the mandate of articles 34, 35, 46 and 37 of OJK law on OJK budget.

First phase of annual OJK levy payments should be paid using OJK Levy Administration System (SIPO) by April 15th, 2014, at the latest.

Article 35 of OJK law and article 2 of government regulation on OJK levy stipulate that OJK levy is used to finance OJK operational activities, administrative costs, asset procurements and other supporting activities. Levy payments received during current year are to be used for next year`s budget.
Pursuant to Law No. 21 of 2011, OJK is mandated to ensure that the overall activities within the financial services sector are implemented in an organized, fair, transparent and accountable manner; able to realize the financial system that grows in a sustainable and stable manner; and capable of protecting the interests of consumers and the society.

The law also stipulates that OJK function is to promote and organize a system of regulations and supervisions that is integrated into the overall activities in the financial services sector.

The imposition of levy for financial services industry is certainly important for OJK in order for the authority to be able to implement its duties and function well accordingly with the law. The imposition of OJK levy is aimed at driving and promoting national financial services industry and not otherwise.

Various kinds of easiness and reliefs in levy payments are explained in the issued regulation. Therefore, financial services industry and society will not be burdened by the levy imposition.

The obligatory levy is believed to generate recycling benefits for financial services industry, manifested through diverse OJK programs with added values in the fields of integrated regulation and supervision, consumer protection and good governance.

The programs are directed to improve consumers` understanding and trust on financial services sector so as to be able to create and develop a sustainable growth in financial services sector.

OJK levy is aimed at promoting financial services sector in accordance with the objectives of establishing OJK. If the levy is paid by consumers and society, it will reduce industrial competitiveness, which in turn will bring damages to companies themselves.

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