11 Aug 2014
NEW REGULATIONS BY OJK ON GUARANTEE INSTITUTIONS (LEMBAGA PENJAMIN)
Three new regulations were issued in April 2014 by the Indonesian Financial Services Authority (Otoritas JasaKeuangan or "OJK"), being the implementing regulations for Presidential Regulation No. 2 year 2008 regarding Guarantee Institutions ("Regulation No. 2"). The three regulations are as follows: OJK Regulation No. 5/POJK.05/2014, regarding Business Licensing and Institutional Structure of Guarantee…
11 Aug 2014
MINISTER OF FINANCE REGULATION ON MANNER AND PROCEDURE FOR THE COLLECTION OF IMPORT AND/OR EXCISE DUTIES
This regulation of the Finance Minister, number 111/PMK.04/2013, was issued in August 2013. It regulates the manner and procedure for import and excise duties collection as well as the sanctions for non compliance with the payment obligation. The following are some of the highlighted provisions: The officer authorized to implement import and excise duties collection is the Head of the Taxation Services…
11 Aug 2014
REGULATION ON FINANCIAL CONDITION TRANSPARANCY OF PEOPLE’S CREDIT BANKS
To promote the financial and accountability transparency of People’s Credit Banks (Bank Perkreditan Rakyat or “BPR”), Bank Indonesia Governor issued on the 21st May 2013, Bank Indonesia Regulation Number 15/3/PBI/2013. Under the regulation, BPRs are obliged to prepare the following: Annual Report, which is prepared in accordance with SAK ETAP Financial Accountancy Standards and Accountancy…
11 Aug 2014
OJK REGULATION ON ALTERNATIVE DISPUTE RESOLUTION IN THE FINANCIAL SECTOR
The Financial Services Authority (Otoritas Jasa Keuangan or “OJK”) issued on 16 January 2014, its Regulation No. 1/POJK/2014 regarding Alternative Dispute Resolution Institutions (“Lembaga Alternatif Penyelesaian Sengketa or “LAPS”) in the Financial Sector (“Regulation 1/2014"). The following are the provisions of note: Establishment of the LAPS The LAPS is established…