Ministry of Finance Simplifies Auction Participation in the Revision of Minister of Finance Regulation

The Ministry of Finance (“ Kemenkeu ”) is preparing to update Regulation of the Minister of Finance No. 122 of 2023 on Guidelines for Auction Implementation (“ PMK 122/2023 ”). The key revisions include auction digitalization through the Indonesian Auction Portal using an open-bidding mechanism, as well as the addition of new types of auction bid security deposit.

“The first improvement is that we will simplify accessibility for auction participation. Then, the amount of bid security deposit and bank guarantees will be reduced and made more flexible, providing greater certainty for secure transactions,” said Mohamad Akyas, Head of the Execution Auction Policy Department at the Directorate General of State Assets (Direktorat Jenderal Kekayaan Negara– “ DJKN ”) of the Ministry of Finance, to Hukumonline.

DJKN is also promoting system interconnection with various institutions, such as the One-Stop Integrated Administration System (SAMSAT), the National Land Agency (BPN), the Directorate General of Tax (DJP), and the Online Non-Tax State Revenue Information System (Simponi), to reduce the risk of discrepancies in auction object data, which becomes one of the root issues in auction execution.

“The progress of the revision is targeted to be completed next year, in line with the Auction Bill,” he added.