Analisis Penerbitan Sukuk Negara Ritel Seri-015 tahun 2021

In the world of Indonesian state finance, there are many types and varieties of financial products in circulation. As a society with the 4th largest population in the world, Indonesia is a very lucrative market share. This is often the main discussion in international organizations where Indonesia as a developing country is heading to a developed country. One product that is in great demand from year to year is retail sukuk. There are 15 Retail Sukuk products called Retail Sukuk 015. The products offered by the Indonesian government are very profitable on a certain scale. Where Retail Sukuk (retail sukuk) are a Sharia investment product offered by the government to individual Indonesian citizens. The management presented by Retail Sukuk must be based on Sharia principles, avoiding the elements of maysir (gambling), gharar (obscurity) and no usury (usury). The concept offered has also received a guarantee from the DSN MUI so that the contract used to issue Retail Sukuk is Ijarah-Asset to be leased. The existing capital turnover was developed for investment activities to purchase benefit rights to State Property leased by the government to procurement projects (project businesses). So the rewards are clearly taken or shared from the profits from the investment activities. To add to the clarity of how these benefits are obtained, it is described through 8 (eight) investment benefits issued by the Ministry of Finance as an extension of the Indonesian government. Therefore, the Government has a definite goal where the issuance of retail sukuk is to help finance the APBN and finance the development of various infrastructures in Indonesia. Keywords: Retail Sukuk, Sharia, Investment

TRANSFORMASI DAN PENGAWASAN KEUANGAN NEGARA PADA BUMN DENGAN PRINSIP BUSINESS JUDGMENT RULE

Abstract, State assets in the form of shares of business entities are not state assets, but have been transformed into business entity assets. Likewise, government officials who become Directors/Commissioners and other shareholders have an equal position with private shareholders. The Board of Directors in carrying out their duties and authorities has the authority and protection in every business decision making, but this does not escape supervision through the BJR (Business Judgment Rule) principle, as contained in the Limited Liability Company Law. This study uses a qualitative research method with a statutory approach. The purpose of this study is to understand the criteria for state finances in SOEs and the legal consequences of financial losses and supervision of SOEs. The results of the study stated that the implementation of BJR on the Board of Directors of SOEs could be carried out after fulfilling the terms and conditions of the enactment of BJR. BJR can be implemented because a legal entity is actually subject to the Limited Liability Company law. Keywords: Supervision of SOEs ion; Business Judgment Rules; State Finance Intisari: Kekayaan negara yang berbentuk saham dari badan usaha bukan merupakan kekayaan negara, tetapi telah bertransformasi menjadi kekayaan badan usaha. Demikian terhadap pejabat pemerintah yang menjadi Direksi/Komisaris dan pemegang saham lainnya memiliki kedudukan yang setara dengan pemegang saham swasta. Direksi dalam menjalankan tugas dan wewenang memiliki kewenangan dan perlindungan dalam setiap pengambilan keputusan bisnis, namun ini tak luput dari pengawasan melalui prinsip BJR (Business Judgment Rule), sebagaimana termuat dalam Undang-Undang Perseroan Terbatas. Penelitian ini menggunakan metode penelitian kualitatif dengan pendekatan perundang-undangan. Tujuan penelitian untuk dapat memahami kriteria keuangan negara pada BUMN dan akibat hukum kerugian keuangan dan pengawasan pada BUMN. Hasil penelitian menyatakan bahwa implementasi BJR terhadap Direksi BUMN dapat dilakukan setelah memenuhi syarat dan ketentuan berlakunya BJR. BJR dapat diimplementasikan karena badan usaha berbadan hukum sejatinya tunduk pada undang-undang Perseroan Terbatas. Kata Kunci: Pengawasan BUMN; Business Judgment Rule; Kuangan Negara

Current issues on assessing the effectiveness monitoring and efficiency of Ukraine’s cooperation with IFIs

Modern tendencies of attracting resources in Ukraine in the field of international financial cooperation are investigated. The directions of cooperation between Ukraine and international financial organizations (IFIs) are considered, which will contribute to the implementation of the potential of the Ukrainian economy. Emphasis was placed on the need to improve such cooperation through the continuation of reforms in core areas, strengthening state finance management measures; improving planning, attraction , use, monitoring and control of the use of IFIs resources in order to increase the efficiency of program implementation. The strategies of cooperation of IFIs with Ukraine in terms of priority directions on the medium-term perspective are analyzed. Strategic directions defined in the study aimed at strengthening the competitiveness of the national economy on investment principles, kraising the standard of living, well-being and equivalent opportunities of citizens, supporting structural shifts through the development of high-tech promising sectors of the economy. The strategic directions identified in the study are aimed at strengthening the competitiveness of the national economy on an investment principles, raising living standards, welfare and equal opportunities for citizens, supporting structural changes through the development of high-tech promising sectors of the economy.

Pengaturan Pengelolaan Dan Pengawasan Keuangan Negara Terhadap Badan Usaha Milik Negara (BUMN)

Badan Usaha Milik Negara atau BUMN merupakan salah satu badan usaha berbentuk perusahaan yang dimiliki oleh negara yang seluruh atau sebagian besar modalnya dimiliki oleh negara melalui penyertaan secara langsung yang berasal dari kekayaan negara yang dipisahkan. Problematika yaitu adanya konflik hukum atau disharmonisasi antar peraturan perundang-undangan terkait pola pengawasan pada BUMN tersebut, utamanya pada pengelolaan keuangan. Metode penelitian yang digunakan adalah normatif, penelitian ini dilakukan dengan tujuan untuk memberikan argumentasi hukum. Adapun pendekatan penelitian yang digunakan adalah pendekatan perundang-undangan (Statute Approach) dan Pendekatan Kasus (Case Approach). Penelitian ini menghasilkan Pertama, berdasarkan konflik hukum yang ada sangat penting untuk membuat aturan terkait penyertaan modal negara yang sudah dilaksanakan terhadap BUMN. Kedua, ketidakpastian hukum karena perbedaan istilah BUMN antara Undang-Undang Keuangan Negara dengan Undang-Undang BUMN perlu ditegaskan kembali terkait BUMN sebenarnya berstatus negeri atau swasta.Kata kunci: Pengelolaan Keuangan Negara, Pengawasan BUMN ABSTRACTState Owned Enterprises or BUMN are business entities in the form of companies owned by the state whose entire or most of the capital is owned by the state through direct investment originating from separated state assets. The problem is that there is a legal conflict or disharmony between laws and regulations related to the supervision pattern in the BUMN, especially in financial management. The research method used is normative, this research was conducted with the aim of providing legal arguments. The research approach used is the statutory approach and the case approach. This research results first, based on the existing legal conflicts, it is very important to make rules related to the participation of state capital that have been implemented for SOEs. Second, legal uncertainty due to the difference in the term BUMN between the State Finance Law and the BUMN Law needs to be reaffirmed regarding BUMN actually having a public or private status.Keywords: State Financial Management, BUMN Suprvision

Implementation of Financial Services Authority Regulation №35/POJK.05/2015 Article 35 by Indonesian Venture Capital Companies in 2015

POJK or the Financial Services Authority Regulation is one of the official documents of the Indonesian government related to the state finance sector. Venture capital itself is one of the contributors to the economy of Indonesia, especially in terms of financing or equity participation. Therefore, regulations are needed to control the operation of venture capital businesses to avoid damages caused by problems/disruptions. Generally, the economic sector in Indonesia is highly regulated, and venture capital is not an exception. However, this paper only focuses on the analysis of the actual implementation of one of the venture capital regulations in Indonesia, namely POJK No. 35/POJK.05/2015 concerning equity participation in Venture Capital Companies (VCC), particularly, Article 35 which states that VCC must have a ratio of Equity to Paid-in Capital not less than 30%. For this research, the method of qualitative normative approach has been applied based on the secondary data concerning Business Operations of Venture Capital Companies. The results of this research show fulfillment of these implemented regulations in practice by the existing VCC and its potential.

Notstand und Sachverstand

In the aftermath of the First World War, the Weimar Republic found itself in financial disarray. Originally put forward by the antirepublican right, the idea of a forced loan emerged. The idea triggered harsh controversies regarding the shortfalls in the new state’s sovereignty and its lack of fiscal power within the framework of an international order. The conflicting images of the Weimar state effected the decisions finally taken. This article argues that a rhetoric of emergency was combined with notions of the expert as an apolitical figure in order to legitimize compulsory lending. Yet, contrary to contemporary perceptions, the Weimar forced loan was not a result of governmental impotence or an exceptional incident within the history of public finance. As a political tool, it helped to solve conflicts on the national as well as the international level, if only for a short period of time. As an instrument of state finance, it was not an act of failure to still fiscal needs the ‚normal way‘ but a conscious claim for the autonomy of the Weimar state. But the conviction that compulsory loans might be a legitimate element of fiscal politics under the auspices of a strong and well-informed state emerged only with the Second World War – in Germany as well as on an international level.

VALUATION OF MARKET RENTAL VALUE OF A PLANNED DORMITORY USING HEDONIC PRICING METHOD: A CASE STUDY OF POLYTECHNIQUE OF STATE FINANCE STAN, INDONESIA

This study determines the attributes that affect the market rental value of dormitories using the Hedonic Pricing Model. The proportional stratified random sampling technique was used to obtain data from 1,292 PKN STAN students in levels 1 to 3, which was analyzed using the SPSS statistical application. Based on the calculation, the dormitory value varies between IDR11,719,521 (RM3,424.82) to IDR15,482,242 (RM4524,41). The determinants that have a significant positive effect on dormitory value are bathroom location, average remittances per month, earnings per month, room size, gender, and origin, while the type of residence attribute has a negative correlation effect. The results of this study will be beneficial inputs for the PKN STAN in determining the market rental value, the quality of buildings and facilities are in accordance with the market preference.

Two Tolstoys and a Lenin—Temperance and Prohibition in Russia

Part I of the book—covering Europe’s continental empires—begins with Chapter 2 on the Russian Empire. The state’s overreliance on revenues from the imperial vodka monopoly is laid bare beginning with the temperance revolts of the 1850s, when the empire was almost bankrupted when peasants refused to drink. The understanding of temperance as opposition to imperial autocracy is traced through the antistatist teachings of Leo Tolstoy and early Bolsheviks, including the prohibitionists Vladimir Lenin and Leon Trotsky. Despite official opposition to “subversive” temperance activism, at the outbreak of World War I in 1914 Tsar Nicholas II made Russia the first prohibitionist state, though the loss of state revenue paved the way for the revolutions of 1917. Lenin maintained a prohibition against the vodka trade, which was only undone after Lenin’s death by Joseph Stalin, who reintroduced the tsarist-era vodka monopoly in the interests of state finance.

First Peoples, First Prohibitionists

Armed with a new appreciation for prohibitionism as an anti-imperialist, anti-predatory-capitalist movement for community self-determination, Part III returns us to the United States, where prohibitionism goes back to the very first colonization of North America. Indeed, America’s first prohibitionists were its first peoples: battling against the “white man’s wicked water,” through which their sovereignty was stripped, in the same way as indigenous populations in Africa, South Asia, and Australia. Chapter 9 highlights the role of Miami chief Little Turtle in urging President Thomas Jefferson to enact, in 1802, the first federal prohibition of the trafficking of liquor to native tribes, even while liquor excises had become the primary pillar of state finance of the young republic.

Current realities and trends in the functioning of public finance in Ukraine

Subject of research is state finance. The aim of the study is analysis of modern realities and trends in public finance in Ukraine. The methods used during the study: generalization, method of comparative analysis, method of system-structural analysis and synthesis, statistical, general scientific, special methods of scientific knowledge and other research methods. The results of the work. The essence and main purpose of public finances are described. It is stated that it is a conceptual basis of the modern doctrine of public finance and a shortcoming of the current classification system of the public finance sector in Ukraine. The most acute problems concentrated in the sphere of public finances of Ukraine are noted; public finance management functions that are at the center of innovation processes. The scope of the results: Ministry of Finance of Ukraine, the Verkhovna Rada of Ukraine, local self-government bodies, united territorial communities. Conclusions. The formation of a socially oriented market society in Ukraine and its integration into the world community lead to systematic modernization in all spheres of public life, including public finance management. All this is reflected in the change of the functional imperative of public finance management in Ukraine in the process of transition to an innovative model of development, determined by both social transformations of Ukrainian society and systemic civilizational processes of post-industrial nature. Today, most leading countries unanimously recognize the need to restart public finance systems on an innovative basis to ensure financial stability and prevent systemic financial crises. Ukraine has also chosen the path of innovative development and is moving in this direction.