ANALISIS PENYESUAIAN KESEBANDINGAN DALAM PENERAPAN ARM'S LENGTH PRINCIPLE PADA PT SRITEX YANG TERDAMPAK PANDEMI COVID-19

Adimoelya Kurniawan, Bapak Bowo Setiyono, S.E., M.Com., Ph.D., CFP., CACP.

2026 | Tesis | S2 MANAJEMEN (MM) JAKARTA

Penelitian ini bertujuan untuk menganalisis bagaimana perusahaan melakukan penyesuaian kesebandingan (comparability adjustment) dalam penerapan Arm’s Length Principle (ALP) pada masa pandemi Covid-19. Pandemi telah menimbulkan disrupsi besar terhadap aktivitas ekonomi global, termasuk penurunan kapasitas produksi, perubahan struktur biaya, serta gangguan rantai pasok yang berpengaruh terhadap kewajaran harga transfer antar Perusahaan berelasi. Dalam konteks tersebut, analisis kesebandingan tradisional menjadi kurang representatif sehingga diperlukan penyesuaian yang mencerminkan kondisi ekonomi aktual agar penerapan prinsip kewajaran dan kelaziman usaha tetap terjaga. Penelitian ini dirancang menggunakan pendekatan kualitatif dengan metode studi kasus pada PT Sri Rejeki Isman Textile Tbk (selanjutnya disebut “PT Sritex”), sebuah perusahaan manufaktur yang terdampak langsung oleh pandemi.Data akan dikumpulkan melalui wawancara mendalam dengan pihak internal perusahaan, seperti manajer keuangan dan staf pajak, serta melalui dokumentasi laporan keuangan dan dokumen transfer pricing. Analisis data akan dilakukan menggunakan model interaktif Miles dan Huberman yang meliputi reduksi data,penyajian data, serta penarikan kesimpulan dengan bantuan perangkat lunak NVivo untuk mengorganisasi dan memvisualisasikan temuan kualitatif. Temuan penelitian menunjukkan bahwa penerapan Arm’s Length Principle (ALP) pada PT Sritex telah dilakukan secara sistematis melalui penggunaan metode Transactional Net MarginMethod (TNMM) dengan indikator Mark-Up on Total Cost (MTC), sehingga transaksi afiliasi dapat diuji kewajarannya berdasarkan perusahaan pembanding independen. Penelitian ini juga menemukan bahwa penyesuaian kesebandingan dilakukan terutama pada biaya tetap akibat idle capacity selama pandemi COVID19,guna menghilangkan distorsi dan memastikan hasil analisis tetap mencerminkan kondisi usaha yang sebanding. Selain itu, meskipun pandemi berdampak pada penurunan kinerja perusahaan, hasil analisis menunjukkan bahwa Tingkat profitabilitas PT Sritex tetap berada dalam rentang kewajaran, sehingga penerapan ALP dinilai masih terpenuhi.

This study aims to analyze how companies make comparability adjustments in applying the Arm’s Length Principle (ALP) during the COVID-19 pandemic. The pandemic has caused significant disruptions to global economic activity, including reduced production capacity, changes in cost structures, and supply chain disruptions, all of which affect the fairness of transfer pricing between related entities. In this context, traditional comparability analysis becomes less representative, thereby requiring adjustments that reflect actual economic conditions to maintain compliance with the Arm’s Length Principle and prevailing business practices.This study adopts a qualitative approach using a case study method at PT Sri Rejeki Isman Textile Tbk (hereinafter referred to as “PT Sritex”), a manufacturing company directly impacted by the pandemic. Data were collected through in-depth interviews with internal company personnel, such as finance managers and tax staff, as well as through financial reports and transfer pricing documentation. Data analysis was conducted using the Miles and Huberman interactive model, which includes data reduction, data display, and conclusion drawing, with the assistance of NVivo software to organize and visualize qualitative findings.The research findings indicate that the implementation of the Arm’s Length Principle (ALP) at PT Sritex has been carried out systematically through the use of the Transactional Net Margin Method (TNMM) with the Mark-Up on Total Cost (MTC) indicator, enabling affiliated transactions to be tested for fairness based on independent comparable companies. The study also found that comparability adjustments were primarily made to fixed costs due to idle capacity during the COVID-19 pandemic, in order to eliminat distortions and ensure that the analysis reflects comparable business conditions. Furthermore, although the pandemic negatively affected the company’s performance, the analysis shows that PT Sritex’s profitability remained within an arm’s length range, indicating that the application of the ALP is still considered to be appropriate.

Kata Kunci : Arm’s Length Principle; comparability adjustments; the COVID-19 pandemic.