On Oct. 10, IDN JDIH issued regulations regarding financial services.
IDN JDIH, IDN LAW published reg titled Regulation number 41 of 2024 with respect to work plans, budgets of the IDN FSA, along with levies in the financial services sector.
These regulations include clarifications about budgeting processes, collecting levies.
Document dated Oct. 10, 2024, received from IDN JDIH Oct. 15, summarized Oct. 18.
Overview of Regulations
IDN FSA's budget will be part of the state budget starting from 2025; the budget covers operational, administrative, as well as asset acquisition activities.
Financial sector entities must pay levies for licensing, approvals, annual supervision.
Provides that payments are made in instalments, based on audited financials, categorized as non-tax state revenue; managed by IDN FSA together with IDN GVT.
IDN FSA must submit audited annual financial reports to the President and Parliament.
Provides that penalties apply for late payments, with exemptions for financial hardship.
Unused levies from 2024 will be recorded as non-tax state revenue at end of the year.
Effectiveness
Regulation number 41 of 2024 shall come into force on Jan. 1, 2025.
Oct. 22, 2024 Editorial Update
On Oct. 22, 2024, Reg-Track made an editorial update to include a link to an identical release by IDN Law, which was received Oct. 17, and added IDN Law in regulator field.
