<![CDATA[This study examines the impact of tax ratio, intangible assets, company size, and tunneling on transfer pricing decisions in pharmaceutical companies listed on the Indonesia Stock Exchange during the 2020-2024 period. The analysis results show that the tax ratio has a significant positive effect on transfer pricing, where the higher the tax ratio, the greater the tendency for companies to shift profits between entities using transfer pricing as a tax avoidance strategy. Intangible assets show a significant negative impact on transfer pricing, which can be explained by strict regulations on profit shifting through these assets. Company size has no significant effect, indicating that external factors, such as tax regulations, have a greater influence on transfer pricing decisions. Meanwhile, tunneling has a positive but insignificant effect on transfer pricing, suggesting that although tunneling may potentially influence these decisions, its impact is limited by strict oversight. This study also notes that strict regulations on intangible assets may limit aggressive transfer pricing practices. The limitations of this study lie in the use of data that only includes pharmaceutical companies listed on the stock exchange, so future research could expand the sample scope and time period for more comprehensive results. Suggestions for future research include exploring the impact of other external factors, such as fiscal policies and international regulations, on transfer pricing in this sector.]]>
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