Determinan Tarif Pajak Efektif Industri Infrastruktur Terkait Peraturan Menteri Keuangan Nomor 169/PMK.010/2015

Abstract

Due to a large number of thin capitalization practices used by the companies as a way to evade tax, the government through the Minister of Finance issued the Minister of Finance Regulation Number 169/PMK.010/2015 concerning the Determination of Company’s Debt and Equity Ratio for Income Tax Calculation Purpose. The regulations state that the maximum debt to equity ratio is four to one. is applicable for all taxpayers, except for certain sectors. One of the exempted sectors is the taxpayers engage in infrastructure since the nature of their business is dominated more by debt than equity components. This study aims to provide empirical evidence that the regulation does not cause significant problems on effective tax rates (which reflects the level of tax evasion) of infrastructure companies and is considered appropriate. By using the infrastructure companies listed on the Indonesia Stock Exchange in 2009-2016 as the sample, there are 147 observations processed through regression analysis of unbalanced data panel by using the random effect method with the help of STATA software. It is proven that thin capitalization in infrastructure companies, which is characterized by a high debt to equity ratio (DER), does not have a significant impact on the effective tax rate (level of tax evasion). The implication of this finding is that the government has issued effective regulation and has regulated infrastructure companies quite well through other regulations. It can be seen that although the infrastructure companies are given the exemption to operate on more than four to one DER, it does not necessarily increase the tax evasion of infrastructure companies. Even so, the regulators still need to be aware of and evaluate this situation in order to reduce the incentives of infrastructure companies to carry out tax evasion in the future through DER flexibility that exceeds the four to one ratio.