Interest Penalties and Compensation Interest Rates for February 2021

Puput Bayu Wibowo
Fakry
By Puput Bayu Wibowo, Fakry
Puput Bayu Wibowo
Fakry
The Minister of Finance has released monthly interest rates as the basis for calculating administrative penalties in the form of interest and the granting of interest compensation for the period between 1 February 2021 to 28 February 2021.
 
Details of the interest rates are stipulated under the Minister of Finance of the Republic of Indonesia Decree No. 7/KMK.10/2021 concerning Interest Rates as the Basis for Calculating Administrative Penalties in the Form of Interest and Interest Compensation for the Period between 1 February 2021 to 28 February  2021 (MoF Decree 7/2021). This regulation was signed on 26 January 2021.
 
Four monthly interest rates apply for administrative penalties, ranging from 0.51% to 1.76%. Most of the four monthly interest rates are the same as the rates for the January 2021 period. Details of monthly interest rates for tax interest penalties for the period between 1 February 2021 to 28 February 2021 can be seen in Table 1
 
Table 1 Details of Monthly Rates of Interest Penalties
Source: Job Creation Law and MoF Reg. 7/2021.
 
The amount of monthly interest rates in the MoF Decree varies as it is the result of the calculation of the monthly interest rate. The calculation is based on the reference interest rate formula set by the minister of finance plus the uplift factor of each article and divided by 12.
 
On the other hand, the interest rate as the basis for the granting of interest compensation is set at 0.51%. The monthly interest rates remain the same as the previous period. Details of the monthly rates for tax interest compensation for the period between 1 February 2021 and 28 February 2021 can be seen in Table ...
 
Table 2 Details of Monthly Interest Compensation
Source: Job Creation Law and MoF Reg. 7/2021.