Analisis Instrumen Debt to Equity Ratio sebagai Upaya Menangkal Thin Capitalization dalam Meningkatkan Penerimaan Pajak di Indonesia (Studi Kasus pada Perusahaan yang Terdaftar di BKPM dan KPP PMA)

Rahmi, Notika
Pohan, Chairil Anwar
Sunarmin
Andrayanti, Iin
Yuwono, Budhi
Dinnie, Cut

Transparansi Jurnal Ilmiah Ilmu Administrasi
Vol. 8 No. 2: Desember 2025

(Analysis of Debt to Equity Ratio Instruments as an Effort to Counter Thin Capitalization in Increasing Tax Revenue in Indonesia (Case Study of Companies Registered with the BKPM and KPP PMA) Peraturan di Indonesia menyatakan biaya bunga yang dapat dikurangkan sebagai pengeluaran, sementara dividen tidak dapat dibiayakan membuat investor lebih cenderung berinvestasi dalam pinjaman daripada berinvestasi dalam modal. Akibat praktik ini, banyak perusahaan yang membiayai usahanya dengan pinjaman daripada modal atau yang biasa disebut thin capitalization. Praktik ini merugikan negara karena akan mengikis basis pajak nasional atau mengurangi penerimaan negara dari sektor pajak. Untuk mengendalikan praktik thin capitalization, pemerintah telah membuat kebijakan mengenai rasio utang terhadap ekuitas, yaitu rasio antara utang dan modal yang telah ditetapkan pada 4:1. Penelitian ini dilakukan secara kualitatif dan pengumpulan data dilakukan dengan wawancara di lapangan menggunakan metode analisis deskriptif. Hasil penelitian menunjukkan bahwa masih ada beberapa wajib pajak yang memiliki rasio utang terhadap modal di atas 4:1. Kesimpulan yang dapat ditarik adalah bahwa metode rasio utang terhadap ekuitas cukup efektif dalam mencegah praktik thin capitalization, tetapi masih belum optimal karena masih ada beberapa wajib pajak yang memiliki rasio utang terhadap modal di atas 4:1. Penulis merekomendasikan agar pemerintah lebih aktif dalam melakukan sosialisasi dan memastikan bahwa wajib pajak memahami kebijakan tersebut. Abstract The existence of provisions in Indonesia regarding interest costs that can be allowed as a deduction, while dividends do not make investors more inclined to invest in loans rather than investing in capital. The result of this practice is that many companies will emerge that finance their companies with loans rather than capital or what is usually called thin capitalization. This practice is detrimental to the state because it will erode the national tax base or reduce state revenues from the tax sector. To control the practice of thin capitalization, the government has made a policy regarding the debt to equity ratio, namely the ratio of the amount between debt and capital which has been set at 4:1. This research was conducted qualitatively and data collection was carried out by interviews in the field using descriptive analysis methods. The research results show that there are still several taxpayers who have a debt to capital ratio above 4:1. The conclusion that can be drawn is that the debt to equity ratio method is quite effective in preventing the practice of thin capitalization, but it is still not optimal because there are still some taxpayers who have a ratio between debt and capital above 4:1. The author recommends that the government should be more active in conducting outreach and ensuring that taxpayers understand the policy.