STRATEGI PENGHINDARAN PAJAK PERUSAHAAN: INTERAKSI TRANSFER PRICING DAN THIN CAPITALIZATION

Adelia Baharudin, Nurul Aisyah Rachmawati

Abstract


Indonesia's tax revenue has consistently fallen short of its state budget targets, partly due to corporate tax avoidance through transfer pricing and debt-based financing schemes such as thin capitalization. This study examines the effect of transfer pricing on tax avoidance, with thin capitalization as a moderator, in Consumer Non-Cyclicals companies listed on the Indonesia Stock Exchange (IDX) during 2022–2025. Tax avoidance is proxied by the Cash Effective Tax Rate (Cash ETR), transfer pricing by the related-party debt ratio, and thin capitalization by the Debt to Equity Ratio (DER). Using purposive sampling, 181 firm-year observations from 61 companies were analyzed with panel data regression using a Fixed Effect Model and clustered robust standard errors in Stata. The results show that transfer pricing has no significant effect on tax avoidance, and thin capitalization does not significantly moderate this relationship. Among the control variables, only profitability (ROA) shows a significant negative effect on Cash ETR. These findings suggest that tightened transfer pricing regulation (PMK No. 172/2023) and relatively low leverage levels among sampled firms may explain the weakened relationship predicted by agency theory and trade-off theory. This study contributes methodological insight for future research on tax avoidance in defensive, related-party transaction-intensive industries.

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DOI: https://doi.org/10.31326/.v6i1.2957

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