<![CDATA[The Indonesian government provides tax incentives through tax holiday and tax allowance to encourage investment, although increased investment does not necessarily ensure corporate sustainability. This study aims to analyze the effects of tax holiday and tax allowance on investment and examine the mediating role of investment in their relationship with corporate sustainability. A quantitative explanatory approach was employed using secondary data from financial statements, annual reports, and sustainability reports of manufacturing companies listed on the Indonesia Stock Exchange in 2022–2024. Using purposive sampling, 14 companies comprising 42 observations were selected. Data were analyzed using path analysis and the Sobel test with SPSS. The results show that tax holiday and tax allowance have positive and significant effects on investment, while investment has a positive and significant effect on corporate sustainability. Investment also mediates the effects of both tax incentives on corporate sustainability. ABSTRAKPemerintah Indonesia menerapkan insentif perpajakan berupa tax holiday dan tax allowance untuk mendorong investasi, tetapi peningkatan investasi belum tentu diikuti keberlanjutan perusahaan. Penelitian ini bertujuan menganalisis pengaruh tax holiday dan tax allowance terhadap investasi serta menguji peran investasi sebagai variabel mediasi terhadap keberlanjutan perusahaan. Penelitian menggunakan pendekatan kuantitatif eksplanatori dengan data sekunder dari laporan keuangan, laporan tahunan, dan laporan keberlanjutan perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia periode 2022–2024. Sampel dipilih melalui purposive sampling dan menghasilkan 14 perusahaan atau 42 observasi. Analisis dilakukan menggunakan path analysis dan uji Sobel dengan SPSS. Hasil menunjukkan tax holiday dan tax allowance berpengaruh positif dan signifikan terhadap investasi, sedangkan investasi berpengaruh positif dan signifikan terhadap keberlanjutan perusahaan. Investasi juga memediasi pengaruh kedua insentif perpajakan terhadap keberlanjutan perusahaan.]]>
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