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Tax Management(bagian 1)
Oleh: Jul SeventaTarigan
PokokPembahasan
Sesi 1:1. Pengertian2. Pro-kontra tax avoidance3. Mengoptimalkanbebanpajak4. Mengelolarisiko5. Entitas yang dikenakanpajakrendah6. Tax deferral
Tax management:Strategi yang
dijalankanolehWajibPajakdalammenjalankankewajibanperpajakandenganbenardanbebanpajakyang dibayardapatditekanserendahmungkinuntukmencapailabadanlikuiditas yang optimal.
Tujuan:1. Menerapkanperaturanperpajakandenganbenar
(to comply), dan2. Mencapailabadanlikuiditas yang optimal.
Pengertian (1)
Pengertian (2)Full Compliance
Minimizing Tax
Manajemen Pajak
Objective: OptimasiLaba&Likuiditas,
Constraints:Tax laws and regulations
Cost to comply
Pengertian (3)
Spectrum of compliance and non compliance:
• Pure Compliance: membayarpajaksesuaidenganmaksuddariperaturan.
• Tax Mitigation: penguranganpajaksesuaidenganmaksuddariperaturan.
• Tax Avoidance: pengaturan (arrangement) yang menghasilkansesuatu yang tidakdimaksudkanolehperaturan/pembuatperaturan.
• Tax Evasion: fakta-faktarelevantidakdiungkapkanataumenyajikaninformasi yang salahkepadaotoritaspajak.
Pengertian (4): Horizon Waktu
Tax Planning
Tax Implementation
Tax Controlling
PersiapanTransaksi
PelaksanaanTransaksi
SPT
Tax Audit Tax Avoidance
skp Tax Objection
DisputeSettlement
Tax Appeal dan PK
Putusan: Final
Tax Office
Tax Court/ Supreme Court
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Tax Avoidance (1)
Pro :• Tidak melanggar ketentuan yang berlaku,• Sepanjang tidak diatur, itu sah-sah saja,• Pajak adalah biaya, harus diminimalkan,• Pendapat lainnya?
Kontra:1. Tidak sesuai maksud pembuat Undang-
Undang,2. Tidak adil,3. Mengurangi kepercayaan masyarakat
kepada otoritas perpajakan,4. Mendistorsi alokasi sumber daya.
8
Tax Avoidance(2)
Apamaksudpembuat UU?• Contoh:Pasal 18 ayat (1) UU PPh
“Menteri Keuangan berwenang mengeluarkan keputusan mengenai besarnya perbandingan antara utang dan modal perusahaan untuk keperluan penghitungan pajak berdasarkan Undang-undang ini.”
“… Apabilaperbandinganantarautangdan modal sangatbesarmelebihi batas batas kewajaran, pada umumnya ‐perusahaan tersebut dalam keadaan tidak sehat. Dalam hal demikian, untuk penghitungan Penghasilan Kena Pajak, Undang‐Undang ini menentukanadanya modal terselubung...”
• Memerlukanaturanpelaksanaanuntukmenjelaskan:– Batas-bataskewajaran? – Keadaantidaksehat?– Bagaimanajikamelampauibataskewajaran?
9
Tidakadil• Penghindaran pajak menggunakan skema yang
rumit, memerlukan pengetahuan khusus, dan interdisipliner.
• Skalaekonomi: memerlukan biaya yang besar (fee for lawyer, trustee, consultant, and maintenance).
• Lapisanmasyarakatterbesar (pegawai, UKM, investor kecil) tidakdapatmelakukannya.
Tax Avoidance (3)
10
To preserve public trust:
Jumlah pegawai (angkatan kerja di Indonesia-2008): 102.049.857(sumber: www.nakertrans.go.id)
Jumlah Usaha Kecil dan Menengah (2007):• 49.840.489 unit usaha (usaha besar: 4.527),• tenaga kerja diserap: 91,8 juta (usaha besar: 2,52 juta),• Sumber pertumbuhan ekonomi: 3,57% dari total 6,32%,• Rata-rata kontribusi dalam PDB: 59,95% (2006-2007)(sumber: Berita Resmi Statistik No.28/05/Th XI, 30 Mei 2008)
Constraints:Honour among the thieves is stronger than the iron fist of the regulators.
Tax Avoidance (4)
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1. Penghasilandiperolehentitas yang dikenakanpajaklebihrendah;
Faktor:Entitasyang melakukantransaksi (Individu, Partnership, Corporation)
2. Pembayaranpajakditundakemasadatang (tax deferral);Faktor: periodetransaksiterjadi, saatpengakuanpenghasilan/biaya?
3. Penghasilandihasilkan di negara yang mengenakanpajaklebihrendah;
Faktor:Dimanatransaksiterjadi (Low/High Tax Jurisdiction)
4. Penghasilandikenakanpajakdengantarifpreferensial.Faktor:Karakterpenghasilan (Business Profit/Royalti/Interest/Dividend) danpemajakannya (final/non final)
(Sumber: Jones & Rhoades-Catanach, Principles of Taxation,2008)
MengoptimalkanBebanPajak
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1. Tax rulings2. Honoring the anti tax avoidance rules3. Sound and adequate documentation
MengelolaRisiko
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1. EntitasdikenakanPajakRendah
Taxableincome
Deductions
Statutory tax rate
LowerEffective tax
rate
Orang Pribadi Perseroan Terbatas Partnership(Firma, CV, Kongsi,
Persekutan)
Taxable income
Pasal 4 (1) UU PPh: Penghasilandalamartiluasdanprinsip Worldwide Income
Non taxable income
Penerimaan dividen, bila penyertaan min.25%-Pasal 4 (3) UU PPh
Deductibles Pasal 6 UU PPh: 3M (mendapatkan, menagih, dan memelihara penghasilan)
Non deductibles
• Pembagiandividen• Pembayaran yang melebihikewajarankepadaafiliasi
Biayauntukkepentinganpribadi WP atautanggungannya
Biayauntukkepentinganpribadipemegangsaham, sekutu, anggota
Gaji yang dibayarkankepadaanggotapersekutuan, firma, CV
PerbedaanFiskalBentuk Usaha (1)
Orang Pribadi Perseroan Terbatas Partnership(Firma, CV, Kongsi,
Persekutan)
Allowances PTKP
Kompensasi Kerugian
Pasal 6 ayat (2): kerugian dapat dikompensasikan dalam 5 tahun
Statutory tax rate
Progresif (5%, 10%, 15%, 25%, 35%)
Single rate: 25%
DistribusiLabaBersih
Non taxable, bilapemegangsahamberbentuk PT DN, BUMN/BUMD, Koperasi, minimal penyertaan 25%, dandividenberasaldarilabaditahan.
Non objekPPh
PerbedaanFiskalBentukUsaha (2)
PT vs PEPT PE/BUT
Existence Based on legal facts • Based on substance• Can be deemed as no PE (when
treaty is applied) Taxable income Worldwide income • Attributable income
• Force of attraction• Effectively connected income• Tax treaty may apply
Deductibles Biaya 3M yang berhubungandengankegiatanusaha
• Biaya 3M yang berhubungandengankegiatanusaha
• Non deductibles: pembayarankepadakantorpusat
• Tax treaty may applyTax rate 25%, may be reduced by 50%
for certain conditions.25%
Dividend • Taxable when dividend is distributed.
• Tax treaty may apply
• Branch profit is taxable of 20%, unless for reinvestment.
• Tax treaty may apply
Case 1Fakta:• X Co., WPLN dari US, akanmenjual software
office automation kepadapelanggan-pelanggan di Indonesia.
• Penjualanakandilanjutkandenganpemberian maintenance service denganimbalanterpisah.
Masalah:Bentukusaha yang tepatuntukmenjalankanusahatersebut: PT atauBUT.
Tujuan: tax efficient and low risk.
US Co.
Customers
USA
RISoftware and services
Proposed Solutions1. Segregating
transaction: sales of software and service
2. Prevent PE existence.
3. If unavoidable, third party may involve to provide services.
4. Looking for tax treaty protection.
Indo Co.Customers
USA
RISoftware
US Co.
Services
Ownership/agency relationship
19
1. Menundapembagiandividendomestika. Time value of moneyb. Indonesian regulations: no specific rules on
earnings accumulation.US Practice:
Bona fide earning accumulation for: a. Financing the company’s assetsb. Future business expansion
If lack of economic substance, earning is deemed as distributed profit and subject to dividend tax.
Tax Deferral (1)
Financing the company’s asset
Cash on handTrade Acc. ReceivableMerchandise InventorySupplies InventoryMachinery and EquipmentFurniture & FixturesLeasehold Cost
1.3001.488.0004.020.500
600.0007.690.000
1.370.000276.000
Accounts PayableLong Term DebtShareholders’ Equity Paid-in Capital Retained Earnings
681.1001.400.000
200.00013.176.400
Total Assets 15.457.500 Total Liabilities & Equities
15.457.500
Balance sheet ABC Co. as of Dec. 2010 (in thousand of US$)
Future business expansion
Cash on handCertificate of depositsMarketable securitiesTrade Acc. ReceivableMerchandise InventoryFurniture & Fixtures
65.000250.000390.000419.200897.000
1.502.900
Accounts PayableShareholders’ Equity Paid-in Capital Retained Earnings
53.500
600.0002.870.600
Total Assets 3.524.100 Total Liabilities & Equities
3.524.100
Balance sheet PQR Co. as of Dec. 2010 (in thousand of US$)
PQR Co. invests profits of $640.000.000 in form of CDs and marketable securities. BOD minutes of meeting revealed that the profit is appropriated for acquiring a company in the foreseeable future.
Time value of money
Kasus 2:Pemegangsaham PT Bank X adalah PT XYZ yang dimilikiolehbeberapaindividu. Sampaidengantahun 2008, PT XYZ tidakpernahmembagidividenataslaba 7 tahunterakhirdantelahterakumulasilabaditahansebesar Rp1,5 triliun. Di tahun 2009, UU PPhdiubahdanpemegangsahammemutuskanuntukmemintapembagiandividendanmeminta PT XYZ mencarijalanuntukmengurangiPPhterutangatasdividen.
AnalisisKasus 2Perhitungan PPh atas Dividen (Miliar Rupiah)
TahunDistributable
Profit PPhIndividu (35%)
Present Value Interest Factor
(PVIF:6%)Present Value PPhIndividu
2008 315 110.25 1.0000 110.252007 275 96.25 0.9434 90.802006 250 87.50 0.8900 77.872005 270 94.50 0.8396 79.342004 160 56.00 0.7921 44.362003 130 45.50 0.7473 34.002002 100 35.00 0.7050 24.67
1500 525.00 461.30
PPhterutang di tahun 2009?
Bagaimanacaranya agar PPhatasdividendapatdikurangi?
24
2. Menundapembagiandividenluarnegeria. By establishing a CFC company,b. Time value of money,c. It may avoid domestic tax by recalling foreign
dividend when domestic profit is negative.d. Indonesian regulations: CFC rules
(PMK-256/PMK.03/2008, PER-59/PJ/2010)
Tax Deferral (2)
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Sebelumada CFC Setelahada CFC
PT ABC
Indonesia
LNIncome: $
Income: Rp
PT ABC
Indonesia
Low-taxjurisdiction
Income: $
Income
Rp
CFC
Penyertaan
LN
Dividen?
1. WPDN mendirikan CFC di “low-tax jurisdiction”,2. Income dari LN dialihkanke CFC,3. WPDN tidakmemintahaknyaataslababersih CFC
untukmenundapajak.
1. Income dari DN dan LN dikenakanpajakdi Indonesia sekaligusmelalui SPT yang disampaikan PT ABC.
2. PT ABC bermaksudmenundapajakatas Income dari LN di Indonesia.
12
3
Ilustrasi CFC (1)
Anticipating the CFC Rules (1)Ministry of Finance Regulation No.256/PMK.03/2008, DGT Regulation No.PER-59/PJ/2010
26
DeemedDividend
Indonesia
Foreign
New CFC Rules:• Participation of resident at least 50%
equity, individually or collectively with other resident taxpayers.
• No difference whether a CFC is established in a low or high tax jurisdiction.
• All CFC’s income is subject to this rule. • The pro rata share of the whole CFC’s
undistributed income must be included in the income of the resident taxpayer.
Dividend income must be recognized on the fourth month following the CFC’s deadline for filing of tax return or on the seventh month following the end of the tax year of the resident taxpayer in case the CFC is not obliged to submit a tax.
at least 50% ownership
Foreign Subsidiary(Controlled Foreign Corporation/CFC)
Indonesian Company (Parent)
Mitigation:• Avoiding 50% or more ownership in CFC, individually or
collectively with other resident taxpayer, and• Avoiding establishment of CFC in jurisdiction that applies
accounting standard of consolidation method.
27
Anticipating the CFC Rules (2)
DeemedDividendIndonesia
Foreign
CFC-1
CFC-2
Indonesian Parent
Tax Planning (bagian 2)
Oleh: Jul SeventaTarigan
28
PokokPembahasanSesi 2:1. Low tax jurisdiction2. Rekarakterisasipenghasilan3. MemanfaatkanrezimPPh Final4. Pemajakanatasdividen5. Thin capitalization6. Peluang tax planning di Indonesia
29
1. Low tax jurisdiction
Tax will be lower, if income arises in a country that:1. Impose no/low corporate tax rate
2. Impose no/low withholding tax on outbound income
3. Extensive tax treaty network
4. Impose no/low capital gain tax30
31
$Income$
Why Malaysia& Labuanare so attractive?
Sub Co.
Source Co.Source State
Malaysia
Home State
1. Subject to low/no W/H tax provided by extensive Malaysia’s treaty network
2. Sub Co. profit is subject to low/no tax provided by:a. Malaysian Tax Law’sterritorial base,and/orb. Labuan Offshore Business Activity Tax Act (LOBATA) ‘90
4. Capital Gain is subject to low/no tax provided by Malaysian Income tax law.
Parent Co.
$Income$
3. Dividen remittance is subject to low/no W/H tax provided by Malaysian Domestic tax law or LOBATA
1, 2, 3, 4 : people call it “Malaysian Satay”, enjoy it...Source: www.lowtax.net
2. RekarakterisasiPenghasilan
Tax will be lower, if income can be re-characterized to income that subject to no/lower tax.
1. Income from hybrid financial instrument (interest or dividend?)
2. Business profit or royalties
3. Interest or capital gain
32
Hybrid financial instrument (1)
1. Debt with Equity like features2. Equity with Debt like features
Case: Tentukanjenispenghasilandariinstrumensbb:• Perpetual loan (a loan with no maturity date)• Sahampreferen 9% fixed rate cumulative
redeemable in 10 years.
33
Hybrid financial instrument (2)
Asymmetrical Treatment of Hybrid Instruments for Redeemable Shares
Company A
Company B
$ Income
Negara B: - Memperlakukan shares berdasarkan legal forms -Penghasilanditentukansebagaidividen-Dividen: bukanobjekpajakpenghasilan
Negara A: - Memperlakukan shares berdasarkansubstance-Penghasilanditentukansebagaiinterest - Interest: tax deductible
Business profits or royalties
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X Corp.
Foreign
Indonesia
PT Indo
Bareboat Charter
Royalties
PPhterutang?
PT Indo will assign Z Corp. to provide crews and ship management.
Z Corp.
Business Profit
X Corp.
Foreign
Indonesia
PT Indo
International Freight Charter
Business Profit
PPhterutang?
36
Interest or capital gain
PT ABC
Loan
Principles+ interest 15%
X Corp.
PT ABC
ABC sells machinery
ABC re-purchase machinery
X Corp.
$1000
$1150
$1000
Foreign
Indonesia
Foreign
Indonesia
3. MemanfaatkanrezimPPh Final
Perspektif:• DJP dansebagian WP : PPh Final
mudahdansederhana.• Ekonom: bukanPPh, distortif, dantidakadil.• Tax planner: a room for maneuver.
Case:1. Simply sell the stock or take dividend2. Check out from the company
Simply sell it or take the dividend
• Seorang investor guremmemiliki 1 lembarsaham PT Telkom yang hargapasarnya Rp6.000
• Emitenmengumumkanakanmembagidividen Rp1.000 sehinggamengungkithargapasarmenjadiRp 7.000
• Tanggalpenting: • Cum dividend: 16 Maret 2012• Ex dividend: 19 Maret 2012• Pembayaran dividend: 25 April 2012
• Jikapadatanggal 16 Maret 2012, hargasahamtetap Rp7.000 hitunglahPPhterutanguntuksetiapkeputusanini:
– Jualsahampadatanggal cum dividend dantidakmenerimadividen.– Pegangterus, jualpadatanggal ex dividend
danmenerimadividenpadatanggalpembayaran dividend.
Check out from the company
• Tuan Budi mulaiberbisnisdenganseorangkonglomeratmendirikan PT ABC, sebuahperusahaanpembiayaankonsumenpadatahun 1995, denganmenyetor modal bersama Rp200miliar.
• Tuan Budi memilikisaham PT ABC sebesar 30%.
• Sekarang, PT ABC mempunyaiaset Rp5 triliundanterdapat standby-investor yang hendakmembelisaham Tuan Budi dengannilai 10x nilaibuku (price to book value=10).
• Tuan Budi akanmenjualseluruhsahamnyadanmemintapendapatkonsultanpajak.
– Berikan paling sedikit 2 opsidanhitungbebanPPh-nya.
4. Pemajakanatasdividen
VS.Legal View: two different legal entities
Economist view: same
economic entity
Classical System:Dividend is taxed separately as it is derived by different entities
Full Integration System:Dividend is taxed by considering the taxed already imposed on corporate’s profit.
Shareholder
Corporation
Shareholder
Corporation
Classical System
Corporate’s taxable income : 100Income tax (rate:25%) : 25Net income : 75
Dividend (assume pay-out ratio 100%): 75Tax on dividend (rate:30%) : 22.5
Total tax burden : 47.5 (25+22.5)Effective tax rate for investor: 47.5%
Full Integration
Beberapametodepenerapan Full Integration System:1. Imputation System (NZ)
PPhataslabakorporasidapatditeruskankepadapemegangsahamdenganmemperhitungkannyasebagaikreditpajak
2. Dividend deduction (US:DRD System)Dividen yang diterima,
sebagianatauseluruhnyadapatdibebankansebagaipengurangpenghasilan, sehinggamengurangiPPhterutang.
3. Participation exemption (Inter EU members)
Dividentidakterutangpajaksepanjangmemenuhikriteriatertentu.
Contoh: Imputation System (in Australia)Tanpa Imputasi Dengan Imputasi
Korporasi:
Laba kena pajak 100 miliar 100 miliar
PPh terutang atas laba (30%) 30 miliar 30 miliar
Laba Bersih 70 miliar 70 miliar
PemegangsahamIndividu:
Dividen (payout ratio 100%) 70 miliar 70 miliar
Franking Credit --- 30 miliar
Dividen kena pajak 70 miliar 100 miliar
PPh (48.5%) 34 miliar 48.5 miliar
Kredit untuk PPh korporasi --- 30.0 miliar
PPh terutang atas Dividen 34 miliar 18.5 miliar
Dividen bersih 36 miliar 51.5 miliar
Total Pajak 64 miliar 48.5 miliar
Bagaimana di Indonesia
1. Secaraumum:
2. Bagiindividu:
3. Bagi WP tertentu:
5. Thin Capitalization
• Tanpaada motif pajak, secarabisnis investor cenderungmemilihskemapemberianpinjaman.
– Risk?– Return?
• Ditambah motif pajak, investor semakinyakinmenggunakanskemapemberianpinjaman.
– Ada apadengansistempemajakan?
46
Thin capitalization
Opsi I: Investasidalambentukekuitas $1 juta
Opsi II: Investasidalambentukekuitas $100 ribudandalambentukpinjaman $900 ribu
Opsi III: Investasidalambentukekuitas $100 ribu, menjaminpinjaman bank $900 ribu.
INVESTORPERUSAHAAN
IntermediaryDeposit Pinjaman
US Parent
PT ABC di Indonesia
Skenario 1:PembiayaanEkuitas $ 1 juta
Skenario 2:PembiayaanHutang $ 1 juta@ 10% interest
Investasi $ 1 juta
Expected Return 10%
Asumsi: Withholding tax atas bunga dan dividen : 20%TarifPPhdi Indonesia: 25%Labasebelumbunga&pajak: $150.000Dividend payout ratio: 100%
Diminta:Hitungbebanpajakdan Return on Investment (ROI) untuksetiapskenario
Case
Skenario3:Deposit di bank (bunga 9%) sebagaijaminanpinjaman bank bunga 10%
Solusikasusthin cap.Debt Financing Equity Financing Through an
IntermediaryPinjamanPemegangShm atau pinjaman bank
$ 1 juta 0 $ 1 juta
Labasebelumbunga&pajak $ 150.000 $ 150.000 $ 150.000
Bunga Pinjaman (10%) $100.000 0 $100.000
PenghasilankenapajakPajak (tarif 25%)
$50.000$12.500
$ 150.000$ 37.500
$50.000$12.500
LababersihDividen (payout ratio 100%)
$37.500$37.500
$112.500$112.500
$37.500$37.500
BebanPajak:Bunga (tarif 20%)Dividen (tarif 20%)PPh Perseroan Fee Bank
$20.000$7.500
$12.5000
0$ 22.500$ 37.500
0
$20.000$7.500
$12.500$10.000
Total bebanpajak/investasi $40.000 $ 60.000 $50.000
Hasil Investasi Bersih $110.000 $ 90.000 $100.000
Penghasilan Bersih (ROI) 11% 9% 10%
6. Peluang Tax Planning di Indonesia (1)
Karakteristik UU perpajakandi Indonesia
• UU PPh: – Taxable income: sangatluas, – Deductions: terbatasuntuk 3M,– TarifPPh yang tidakrendah,– Loss carry forward terbatass.d. 5 tahun,– Limited foreign tax credit, dsb.
• UU PPN:– Luasnyaobjek PPN, – Pembatasandalampengkreditan PPN Masukan, dsb.
• Banyakperaturanpelaksanaan yang belumtersedia,• Kurangnyaketentuanuntuktransaksikhususdanpencegahanp
enghindaranpajak.
High effective tax rate
6. Peluang Tax Planning di Indonesia (2)
Konsekuensi:
• Taxpayer must achieve efficient tax burden and liquidity, including tax compliance, by doing tax planning,
• Tax risk is high and must be managed properly,
• To manage both, it requires cost and resources,
• Time horizon must be extended up to Tax Court or Supreme court decision,
• Since resources is rare and demand is increasing from time-to-time, then the market structure is tax planner market.
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Sekian
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