Analisis Dampak Kebijakan Penerapan Aturan Pembatasan Utang dan Modal Perusahaan terhadap Penghindaran Pajak

DENY EXTYASTORO H, Prof. Dr. Abdul Halim, M.B.A., Ak., CA.

2022 | Tesis | Magister Ekonomika Pembangunan

Tujuan dari penelitian ini adalah untuk menganalisis dampak kebijakan penerapan aturan pembatasan utang dan modal perusahaan terhadap penghindaran pajak. Ukuran penghindaran pajak yang digunakan adalah menggunakan effective tax rate berdasarkan accounting effective tax rate (GAAP ETR) dan income tax expense/operating cash flow. Metode penelitian ini menggunakan difference-in-differences (DID) dengan menggunakan sampel perusahaan-perusahaan yang terdaftar di Bursa Efek Indonesia. Jumlah sampel sebanyak 229 perusahaan di periode tahun 2013-2020 (total 1.832 observasi). Hasil pengujian DID menunjukkan bahwa kebijakan penerapan aturan pembatasan utang dan modal perusahaan tidak berdampak terhadap penghindaran pajak yang diukur dengan accounting effective tax rate ataupun income tax expense/operating cash flow. Terjadi penurunan effective tax rate pada kelompok treatment untuk penghindaran pajak yang diukur dari accounting effective tax rate. Sementara itu, terjadi kenaikan effective tax rate pada kelompok treatment untuk penghindaran pajak yang diukur dari income tax expense/operating cash flow. Berdasarkan hasil analisis lanjutan, diketahui bahwa perusahaan menggunakan praktik penghindaran pajak lainnya di luar praktik thin capitalization dengan meningkatkan biaya-biaya lain sebagai pengganti biaya bunga pinjaman.

This study aims to analyze the policy impact of implementing firm's debt and equity limitation rules on tax avoidance. The tax avoidance measure is the effective tax rate based on the accounting effective tax rate (GAAP ETR) and income tax expense/operating cash flow. This research uses the difference-in-differences (DID) method using a sample of companies listed on the Indonesia Stock Exchange. The number of samples was 229 companies from 2013-2020 (a total of 1,832 observations). The DID results show that the policy of implementing the firm's debt and equity limitation rules has no impact on tax avoidance as measured by the GAAP ETR or income tax expense/operating cash flow. There was a decrease in the effective tax rate in the treatment group for tax avoidance as measured by the GAAP ETR. Meanwhile, there was an increase in the effective tax rate in the treatment group for tax avoidance as measured by income tax expense/operating cash flow. Based on the follow-up analysis results, it is shown that companies use other tax avoidance practices outside the thin capitalization by increasing other expenses as compensation for interest expenses decrease.

Kata Kunci : evaluasi dampak, impact evaluation, penghindaran pajak, tax avoidance, thin capitalization