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

Arfah Habib Saragih


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.


Debt to equity ratio; Thin capitalization; Tax evasion; Effective tax rate.

Full Text:



Dyreng, S., Hanlon, M., & Maydew, E. 2008. Long-run corporate tax avoid-ance. The Accounting Review, Volume 83.

Ghosh, Saibal. & Chatterjee, Goutam. 2018. Capital structure, ownership and crisis: how different are perusahaan infra-strukturs?. Journal of Financial Regula-tion and Compliance, Vol. 26 Issue: 2 pp.300-330, JFRC-09-2016-0085.

Hanlon, M. & Heitzman, S. 2010. A Review of Tax Research. Journal of Accounting and Economics, Volume 50.

Harjito, Yunus., Sari, Christin Novita Sari., & Yulianto. 2017. Tax Aggressiveness Seen From Company Characteristics and Cor-porate Social Responsibility. Journal of Auditing, Finance, and Forensic Accoun-ting, Vol. 5, Number 2, pp.77-91.

Jensen, Michael C. & Meckling, William H. 1976. Theory of the Firm: Managerial Behavior, Agency Costs, and Ownership Structure. Journal of Financial Econo-mics, October, 3(4).

Kardianti, E., Muhammad Hidayat, M., dan Pratiwi, S.T., 2018. Efektivitas Penagihan Pajak Dengan Surat Te-guran dan Surat Paksa Terhadap Pen-erimaan Pajak Pada Kantor Pelyanan Pajak Pratama Kuala Tungkal. Jurnal Ilmiah Ekonomi Global Masa Kini. Vol. 8 (2)

Knauer, Thorsten. & Sommer, Friedrich. 2012. Interest barrier rules as a re-sponse to highly leveraged transact-tions: Evidence from the 2008 German business tax reform. Review of Account-ing and Finance, Vol. 11 Issue: 2.

Kurniasih, Tommy., & Sari, Maria M. Rat-na. 2013. Impact of Return on Assets, Leverage,Corporate Governance, Firms Size, and Fiscal Loss Compensation on Tax Avoidance. Buletin Studi Ekonomi, (18), pp.58-66.

Lietz, G. 2014. Determinants and Consequences of Corporate Tax Avoidance. University of Munster: Institute of Accounting and Taxation

McGuire T.S., Wang, D., and Wilson, J.R., 2014. Dual Class Ownership and Tax Avoidance. The Accounting Review: July 2014, Vol. 89, No. 4, pp. 1487-1516.

Nugroho, A., dan Trisni Suryarini, T. 2018. Determinant of Thin Capitalization in Multinational Companies In Indonesia. Journal of Accounting and Strategic Fi-nance Vol.1 No.02 pp. 91-100.

OECD. 2012. Thin Capitalisation Legislation: A Background Paper of Country Tax Administrations.

Richardson, G., and Roman Lanis, R. 2007. Determinants of the variability in cor-porate effective tax rates and tax re-form: Evidence from Australia. Journal of Accounting and Public Policy. Vol. 26, issue 6, 689-704

Sherif, M. and Erkol, C. 2017. Sukuk and conventional bonds: shareholder wealth perspective, Journal of Islamic Accounting and Business Research, Vol. 8 No. 4, pp. 347-374. JIABR-09-2016-0105.

Taylor, G. and Richardson, G.. 2013. The determinants of thinly capitalized tax avoidance structures: Evidence from Australian firms. Journal of International Accounting, Auditing and Taxation. Vol. 22, issue 1, 12-25.


  • There are currently no refbacks.


Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Editorial Office
STIE Indonesia Banjarmasin


Image result for address iconSTIE Indonesia Banjarmasin, Jl. H. Hasan Basry No. 9 11 Kayutangi Banjarmasin, 70234
Image result for address blue
Image result for address icon
Image result for address blue iconPhone 085248255677






Creative Commons License

STIE Indonesia Banjarmasin is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Copyright ©2019 STIE Indonesia Banjarmasin of Powered by Open Journal Systems.