Volume 4, Number 3, March 2023 e-ISSN: 2797-6068 and p-ISSN: 2777-0915
Mayang
Sekar Pembayun Khamisan, Christina
Dwi Astuti
Universitas Trisakti,
Indonesia
Email:
[email protected],
[email protected]
|
KEYWORDS Capital Intensity, Transfer Pricing,
Sales Growth, Firm Size, Tax Avoidance |
ABSTRACT This study aims to obtain empirical evidence regarding the effect of
capital intensity, transfer pricing, and sales growth on tax avoidance with
firm size as a moderating variable. The companies used in this study are manufacturing
companies in the consumer goods industry sector which are listed on the
Indonesia Stock Exchange (IDX) with a research period of 2018-2021. The
number of research samples used was 124 data. The sampling method used was
purposive sampling. This study shows the results that capital intensity and
sales growth have a positive effect on tax avoidance, while transfer pricing
has no effect on tax avoidance. Firm size is able to weaken the effect of
capital intensity and sales growth on tax avoidance. Firm size is unable to
moderate the effect of transfer pricing on tax avoidance |
INTRODUCTION
Taxes are the most potential
source of state revenue and occupy the highest percentage in the State Budget
(State Budget) compared to other revenues. Tax revenue is obtained from the
collection of tax payments made by taxpayers, both individuals and entities
that have tax rights and obligations as referred to in tax law (Official 2019,
18). The effectiveness of tax collection in Indonesia continues to decline
because tax collection in Indonesia is still experiencing many obstacles and is
not optimal. The effectiveness of Income Tax Collection in Indonesia can be
seen in the table below:
Table 1
Effectiveness of Income Tax Collection in Indonesia
|
Year |
Target |
Realization |
Effectiveness of Income Tax
Collection |
|
2018 |
Rp 855.13 Trillion |
Rp 749,99 Trillion |
87,70% |
|
2019 |
Rp 894,45 Trillion |
Rp 772,28 Trillion |
86,34% |
|
2020 |
Rp 670,38 Trillion |
Rp 594,04 Trillion |
88,61% |
|
2021 |
Rp 638,00 Trillion |
Rp 686,75 Trillion |
107,64% |
Source: APBN KITA � Ministry of Finance 2018 to 2021 (www.kemenkeu.go.id)
Based on Table 1, it can be seen
that income tax revenues in these few years have decreased revenues, besides
that the revenue target is not in line with the expected target. One of the tax
revenue targets that was not achieved was caused by tax avoidance actions
carried out by the company.
One of the tax avoidance cases
involving manufacturing companies in Indonesia is the case of PT RNI (Rajawali Nusantara Indonesia) which is affiliated in
Singapore, where PT RNI is engaged in the production of Medical Devices, Agro-industry, Distribution and Trade, and Property. PT RNI
finances its operational activities, one of which is with affiliated debts,
where the owner of the company in Singapore provides loans to PT RNI Indonesia.
The owner did not invest his capital, but seemed to provide a loan. The debt
recorded in RNI's 2014 financial statements amounted to Rp 20.4 billion, while
the company's turnover in that year was only Rp 2.178 billion. Moreover, in
that year there was a retained loss in the same year of Rp 26.12 billion. Based
on the description of the financial statements, it can be concluded that PT RNI
strives to minimize taxes by enlarging loans so that it will increase interest
on payments which can later be used as a deduction in the calculation of
taxable income (Pajriyansyah & Firmansyah, 2017). In addition, there are also alleged cases of tax avoidance carried out by
PT. Djarum and PT. Berau
Coal Energy by establishing a Special Purpose Vehicle (SPV) method in a tax
haven country (Widarjo, Sudaryono, Sutopo, Syafiqurrahman,
& Juliati, 2021).
This study aims to further
examine the effect of capital intensity, transfer pricing, and sales growth on
tax avoidance actions, as well as to determine the influence of company size as
a moderation variable on consumer goods industry sector companies listed on the
Indonesia Stock Exchange (IDX) during the period 2018 � 2021.
THEORETICAL
FOUNDATIONS AND HYPOTHESIS DEVELOPMENT
Theoretical
Framework
Agency theory
(Jensen & Meckling, 2019) explained that agency theory is a concept that explains the relationship
between the owner (principal) and other people (agents) in carrying out company
activities. Agency theory is used in this study because agency problems can
affect the level of taxes paid and reported by companies.� Agency problems occur between shareholders
and management. Shareholders as principals authorize management as agents or
representatives of shareholders to make business decisions that are best for
shareholders (Darsani & Sukartha, 2021). Based on agency theory, these differences in interests will cause
non-compliance carried out by the company's management, so that this can
trigger the company to take tax avoidance actions.
Tax Avoidance
Tax avoidance is a tax avoidance
strategy and technique carried out by taxpayers legally and safely carried out
because it does not violate tax provisions. Tax avoidance is carried out by
taking advantage of weaknesses contained in tax laws and regulations (Pohan, 2016). This tax avoidance activity poses risks for the company, including fines
and a poor reputation or image of the company in the eyes of the public. If tax
avoidance activities are carried out beyond the limit and violate the
provisions of the law, then the activity is an act of smuggling or tax evasion
(tax evasion).
Capital
Intensity
Capital Intensity is
an investment activity carried out in the form of fixed assets. When a company
invests through fixed assets, it can take advantage of the depreciation costs
of fixed assets as a deduction in the calculation of taxable income. The
greater the cost of depreciation of fixed assets, the smaller the tax burden
that must be paid by the company. This may indicate a tax avoidance action
carried out by the company (Monika & Noviari, 2021).
Transfer
Pricing
Regulation of the Director
General of Taxes Number PER-32 / PJ / 2011 concerning the Application of the
Principles of Fairness and Normality of Business in Transactions between
Taxpayers and Parties who have a Special Relationship, explains that transfer
pricing is the determination of prices in transactions between parties who have
a special relationship.� Transfer pricing
is one of the efforts made by multinational companies to minimize their tax
obligations globally. Transfer pricing can reduce a country's tax revenue
because the company transfers its tax liability by reducing the selling price
between companies that are still in one group and transferring the profits
earned to companies domiciled in low-tax countries (Putri & Mulyani, 2020).
Sales Growth
Sales are the main source of
income from business activities. Sales growth reflects the company's fairly
good performance in managing existing resources (H. Pangaribuan, HB, Agoes, Sihombing, &
Sunarsi, 2021). Sales growth is a parameter that reflects the company's sales level from
one period to the next whether it has decreased or increased. Sales growth can
also be used to predict the profit that the company will get. Sales growth may
indicate an increase in profits along with increasing sales, which makes
taxable income also increase. The increase in taxable income can trigger
companies to take tax avoidance actions due to increased tax liability (Joevanca & Suparmun, 2022).
Company Size
Company size is a scale that
describes the size of a company. Law No. 20 of 2008 on company size criteria
classifies company sizes into 4 categories, namely micro-enterprises, small
businesses, medium-sized enterprises, and large businesses. The size or size of
the company can be seen through various aspects, including the company's total
assets, total revenue, average total assets, and average total revenue. The
larger the total assets owned by the company, the larger the size of the
company and the transactions that occur in the company will also be more
complex. This can make companies take advantage of existing loopholes to make
tax avoidance efforts.
Profitability
Return on asset or profitability
is one of the measurements used to find out the extent of the company's
effectiveness in utilizing all the resources it has.� Profitability is a reflection of the
company's financial performance in generating returns on the management of
company assets. �The higher the return
on assets, the higher the profit or profit
obtained so that the management of the company's assets is better (Napitupulu, 2019). A low return
on assets indicates a small profit generated from assets used for the company's
operations (L. M. P. Pangaribuan, 2017).
Leverage
Leverage is a
company's ability to meet its financial obligations, both short-term and
long-term obligations. �Leverage is used to find out to what extent the company is financed
with debt. �The higher the company's
leverage, the higher the interest costs arising from debt and have an impact on
reducing the corporate tax burden.
�Company Lifespan
Hypothesis
Development
The Effect of Capital Intensity on Tax Avoidance
Capital Intensity describes how much a company invests in fixed assets it owns. When the
company invests by buying fixed assets, the company can take advantage of the
depreciation fee of fixed assets as a deduction in the calculation of taxable
income (Monika & Noviari, 2021). Based on agency theory, management is oriented towards compensation so
that managers will strive to improve the company's performance. Managers can
improve the company's performance by utilizing asset depreciation costs to
reduce the income tax burden.
Based on research conducted by (Valensia & Khairani, 2019) capital intensity has a positive effect on tax avoidance. When a company
invests in fixed assets, the depreciation expense on these fixed assets can act
as a profit deduction which makes the company's outstanding taxes lower. So
that the company will take advantage of the depreciation burden to carry out
tax avoidance actions. This research is supported by research conducted by (Mariani & Suryani, 2021) which states that capital intensity has a positive effect on tax
avoidance.
Ha1: Capital intensity has a positive effect
on tax avoidance.
Effect of Transfer Pricing on Tax Avoidance
Based on research conducted by (Putri & Mulyani, 2020), transfer pricing has a positive effect on tax avoidance. Multinational
companies usually have branches in various countries, where the location of the
branch is chosen based on the market share of its production. The more companies
that have branches abroad, it will encourage these companies to carry out tax
avoidance practices. In Indonesia, transactions between multinational companies
have not escaped transfer pricing engineering, especially by Foreign Direct
Investment (FDI) taxpayers and branches of foreign companies in Indonesia which
include Permanent Establishments (BUT). A multinational company will try to
minimize the global tax burden by taking advantage of the loopholes in a
country's tax provisions, thus creating opportunities for tax avoidance.
Another study conducted by (Anggraini, Hamdi, & Puttri, 2018) and (Lutfia & Pratomo, 2018) also concluded that transfer pricing has a positive effect on tax
avoidance.
Ha2: Transfer Pricing has a positive effect on
tax avoidance
The Effect of Sales Growth on Tax Avoidance
Sales growth is a
parameter that reflects the level of sales of the company from one period to
the next. The greater the value of sales growth, the more efforts to avoid
corporate tax will increase. Company management will feel that with
management's efforts to increase sales, tax payment efficiency also needs to be
done, so that management performance looks better. The results of the research
conducted by Pangaribuan et al. (2019) are in
line with the research of (Nugraha & Mulyani, 2019) and (Ningsih & Noviari, 2021) which stated that sales growth has a positive effect on tax avoidance.
Ha3: Sales Growth has a positive effect on tax
avoidance
Company size can moderate the effect of capital intensity on tax avoidance
Research conducted by (Saputra, Parjito, & Wantoro, 2020)shows the results
that company size can strengthen the influence of capital intensity on tax
avoidance. The bigger a company is, the larger its operational activities, and
to support these operational activities, the company will need large fixed
assets as well. The amount of these assets will cause a high depreciation
expense. The depreciation expense can be used to reduce the amount of tax that
must be paid because it can be used as a deduction in the calculation of income
tax. The results of the study are in line with Amiah's
research (2022).
Ha4: Company size reinforces the positive
influence of capital intensity on tax avoidance.
Company size can moderate the effect of transfer pricing on tax avoidance
Ha5: Company size reinforces the positive
influence of transfer pricing on tax avoidance.
Company size can moderate the effect of sales growth on tax avoidance
Ha6: Company size reinforces the positive
effect of sales growth on tax avoidance.
RESEARCH METHOD
Sample Selection
The
population in this study is all consumer goods
industry companies listed on the Indonesia Stock Exchange (IDX) during the
2018-2021 period. �The data analysis method in this
study is panel data regression analysis. Sampelous in this study was obtained using the purposive sampling method. �The
following are the results of the sample selection carried out:
Table 2
Criteria and Number of Samples
|
No |
Sample Criteria |
Number of Companies |
|
1. |
Consumer goods industry sector companies that have
successively been listed on the IDX in the 2018-2021 period. |
45 |
|
2. |
The Company did not successively publish its audited
annual financial statements as of December 31 during the period 2018-2021. |
(0) |
|
3. |
Companies that do not use rupiah (Rp) |
(0) |
|
4. |
Companies that did not have a positive profit value
during 2018-2021. |
(14) |
|
|
Samples used in the study |
31 |
|
|
Research period (years) |
4 |
|
|
Number of samples used in the study |
124 |
Free Variables
(Dependents)
Tax Avoidance
In this study, the tax avoidance
variable will be measured using Abnormal Book Tax Differences (ABTD) which focuseson discretion exercised by company management in the
context of tax avoidance. The ABTD formula used to measure tax avoidance is as
follows:
BTD it�
= β 0+ β 1 ΔINV it + β 2 ΔREV it + β 3
ZERO it +
β 4 TLU it + β 5 BTD it-1� ����+ e it
Information:
BTDit: (Profit Before Tax � Taxable Income) / Total Assets�����������
ΔINVi t���������� : Change in investments in gross tangible fixed assets and
intangible fixed assets from year t-1 to year t.
ΔREVit: Change in revenue from year t-1
to year t.
NOLit: The sum of the company's fiscal losses i in year t.���
TLUit: The amount of loss
that has been compensated for company i in year t.������
BTD it-1: Book tax difference in company i in
year t-1.
eit: Error term which is an Abnormal Book Tax Difference
(Abnormal BTD).�������
Bound
Variables (Independent)
Capital
Intensity
In this study, capital intensity
was measured using the ratio of total fixed assets to total assets formulated
as follows:
Transfer Pricing
Transfer pricing �measurement is carried out using the ratio formulated as follows:
Sales Growth
The measurement of sales growth is measured using a ratio scale
formulated as follows:
Moderation
Variables
Company Size
The size of the company is calculated using a natural logarithm of total assets
with the following formula:
Control
Variables
Profitability
Profitability measures the
overall effectiveness of management in generating profits with available
assets. In this study, profitability was measured by return on assets with the
following formula (Pangaribuan et al. 2021):
Leverage
Leverage is a company's ability to meet its financial obligations, both
short-term and long-term obligations. In this study, leverage was measured by
the following formula:
Company
Lifespan
The age of the company has a
reputation for how the company's competence can maintain the business and
minimize expenses and improve production quality, so that the company is
expected to get a good profit. �In this study, the age of the company was
measured by the following formula:
Descriptive
Statistical Analysis
In the table below, descriptive
statistical test results are presented consisting of the minimum value, maximum
value, mean value, and standard deviation of each variable.
Descriptive Statistics
|
N |
Minimum |
Maximum |
Mean |
Std.Dev |
|
|
Tax Avoidance |
124 |
-0,069936 |
0,137030 |
0,000208 |
0,019995 |
|
Capital Intensity |
124 |
0,040647 |
0,762247 |
0,338931 |
0,162938 |
|
Transfer Pricing |
124 |
0,00000 |
0,972527 |
0,208869 |
0,299230 |
|
Sales Growth |
124 |
-0,470921 |
1,273016 |
0,100810 |
0,214597 |
|
Profitability |
124 |
0,000526 |
|||
|
Leverage |
124 |
||||
|
Company Lifespan |
124 |
9,000000 |
|||
|
Source: Eviews v.12 Data Processing Results |
|
||||
Panel Data Model Analysis
Table 4
Chow Test
|
Effect Test |
Statistics |
d.f |
Prob |
|
Cross-section F |
1,708971 |
(30,84) |
0,0294 |
|
Cross-section Chi-square |
59,079746 |
30 |
0,0012 |
|
Source : Eviews v.12 Data Processing
Results |
|||
Based on the results of the chow test contained in the table above, it
shows that the probability value of cross section chi square of 0.0012 <
0.05 then Ha (fixed effect model) is accepted.
Hausman Test
|
Test Summary |
Chi-Sq. Statistics |
Chi-Sq. d.f. |
Prob |
|
Cross-section random |
16,113306 |
9 |
0,0646 |
|
Source : Eviews v.12 Data Processing
Results |
|||
Based on the results of the hausman test above
shows the probability of Cross-section random 0.0646 > 0.05, then Ha (fixed
effect model) is unacceptable, meaning that the selected model is a random
effect model.
Table 6
Langrange Multiplier Test (LM)
|
Test Hyphotesis |
Cross-section |
Time |
Both |
|
Breusch-Pagan |
0,3492 |
0,5212 |
0,2564 |
|
Source : Eviews v.12 Data Processing
Results |
|||
Based on the results of the LM test above, it shows Prob. Cross-Section
Breusch-Pagan 0.3492 > 0.05 then Ha is unacceptable meaning that the selected
model is a common effect model.
Hypothesis Testing
Table 7
Hypothesis
Test
|
Variable |
Direction |
Coefficient |
Sig |
Conclusion |
|
Independent |
||||
|
Capital Intensity |
+ |
0,358704 |
0,0004 |
H1 Accepted |
|
Transfer Pricing |
+ |
0,097743 |
0,2103 |
H2 Not Accepted |
|
Sales Growth |
+ |
0,716323 |
0,0003 |
H3 Accepted |
|
Moderation |
||||
|
Capital Intensity * Company Size |
- |
-0,013186 |
0,0002 |
H4 Accepted |
|
Transfer Pricing * Company Size |
- |
-0,003395 |
0,2089 |
H5 Not Accepted |
|
Sales Growth * Company Size |
- |
-0,025582 |
0,0003 |
H6 Accepted |
|
Control |
||||
|
Profitability |
+ |
0,012792 |
0,1910 |
|
|
Leverage |
+ |
0,012475 |
0,1130 |
|
|
Company Lifespan |
- |
- 0,000018 |
0,4258 |
|
|
Constant |
+ |
0,006064 |
0,1395 |
|
|
Adjusted R Square |
0,331300 |
|
||
|
Test F |
0,000000 |
|
||
Source: Eviews v.12 Data
Processing Results
Based on the hypothesis test results in table 7, the
regression equation in this study is as follows:
ABTD = 0.006064 +
0.358704CAP + 0.097743TP + 0.716323SG - 0.013186CAP*SIZE - 0.003395TP*SIZE -
0.025582SG*SIZE + 0.012792ROA + 0.012475LEV - 0.000018AGE
DISCUSSION
Effect of Capital
Intensity on Tax Avoidance
The results of the regression analysis in the table above
show that capital intensity has a significant positive effect on tax
avoidance.� Capital Intensity has a
regression coefficient value of 0.358704 with a significance level of 0.0004.
The positive direction on the regression coefficient indicates that capital
intensity has a positive relationship with tax avoidance and a significance
value smaller than 0.05 indicates that capital intensity has a significant
effect and H1 is accepted.
The results of this study are in line with research
conducted by (Valensia & Khairani, 2019) which stated that capital intensity has a positive effect on tax
avoidance. (Valensia & Khairani, 2019) capital intensity positively affects tax avoidance. In agency theory, it
is explained that there is a difference in interests between the owner of the
shares (principal) and the management (agent).�
Management is generally oriented to get the desired compensation by
improving the company's performance.� In
this case, when management invests in fixed assets, the depreciation expense on
fixed assets can be used as a profit deduction so that the company's
outstanding taxes will be lower. So that when management can reduce costs to a
minimum, then management performance will look good oleh principal.
Effect of Transfer
Pricing on Tax Avoidance
The results of the regression analysis in the table above
show that transfer pricing does not
have a significant effect on tax avoidance.� Transfer pricing has a regression coefficient
value of 0.097743 with a significance level of 0.2103. The positive direction
on the regression coefficient indicates that transfer pricing has a positive
relationship with tax avoidance and a significance value greater than 0.05
indicates that transfer pricing has no significant effect and H2 is not
accepted. The results of this study are in line with research conducted by (Nadhifah & Arif, 2020) which concluded that transfer pricing has no effect on tax avoidance.
However, the results of this study contradict the research of (Lutfia & Pratomo, 2018) which concluded that transfer pricing has a positive effect on tax
avoidance.
The Effect of Sales
Growth on Tax Avoidance
The results of the regression analysis in the table above
show that sales growth has a significant positive effect on tax avoidance.
Sales growth has a regression coefficient value of 0.716323 with a significance
level of 0.0003. The positive direction on the regression coefficient indicates
that sales growth has a positive relationship with tax avoidance and a
significance value smaller than 0.05 indicates that sales growth has a
significant effect and H3 is accepted.�
The results of this study are in line with research
conducted by (Ningsih & Noviari, 2021) which stated that sales growth has a positive effect on tax avoidance. The
greater the value of sales growth, the tax avoidance efforts carried out by
management will also increase because the tax liability borne by the company
will be greater along with the increase in the amount of income that triggers
the company to minimize its tax burden.�
The principal will try to reduce the cost of his taxes, while the agent
(government) wants maximum tax revenue. These differences in interests will
cause conflicts of interest in accordance with the meaning of agency theory.
Effect of Company
Size in moderating Capital Intensity on Tax Avoidance
The results of the regression
analysis in the table above show that the size of the company is able to weaken
the influence of capital intensity on tax avoidance. The enterprise size
moderation variable has a regression coefficient of -0.013186 with a
significance level of 0.0002. The negative direction on the regression
coefficient shows that the size of the company has a negative relationship in
moderating the influence of capital intensity on tax avoidance and the
significance value smaller than 0.05 indicates that the size of the company is
able to weaken the influence of capital intensity on tax avoidance so that it
can be concluded that H4 is accepted.
The bigger a company is, the
greater the assets and capital intensity it has.� Alot of these large
resources can be utilized by companies to reduce their tax burden. However,
with the increasing size of a company shown by the amount of value of the
assets it owns, the company will get more attention from the government and
investors. Therefore, the larger the size of the company with a high capital
intensity, it is likely to reduce its tax aggressiveness (Utomo & Fitria, 2021).
Effect of Company
Size in moderating Transfer Pricing on Tax Avoidance
Based on the test results above, the company's size in moderating the effect of transfer pricing on tax avoidance has a
significance level of 0.2089
greater than 0.05 so it can be concluded that H5 not welcome. This shows that
the size of the company is not able to
strengthen the effect of transfer pricing on tax avoidance.
Effect of Company
Size in moderating Sales Growth on Tax Avoidance
The results of the regression
analysis in the table above show that the size of the company can weaken the
influence of sales growth on tax avoidance. The enterprise size moderation
variable has a regression coefficient of -0.025582 with a significance level of
0.0003. The negative direction on the regression coefficient shows that the
size of the company has a negative relationship in moderating the effect of
sales growth on tax avoidance and the significance value smaller than 0.05
indicates that the size of the company is able to weaken the effect of sales
growth on tax avoidance so that it can be concluded that H6 is accepted.
Sales growth can be used to predict the profit that the
company will get and also maximize the value of the company. The bigger the
company, the higher the sales level so that sales growth increases. Companieswith relatively high sales rates have the
opportunity to generate high profits will be better able to meet their tax
obligations, so that the tendency of companies� to carry out tax avoidance practices
will be further reduced (Nadhifah and Arif 2020).
CONCLUSION
Based on the results of tests
that have been carried out, it is concluded that capital intensity and sales
growth have a positive effect on tax avoidance while transfer pricing does not
affect tax avoidance. The size of the company is able to weaken the positive
influence of capital intensity and sales growth on tax avoidance, but the size
of the company is not able to moderate transfer pricing on tax avoidance.
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Copyright Holders:
Mayang Sekar Pembayun Khamisan, Christina Dwi Astuti (2023)
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