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.

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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?

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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)

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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

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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?

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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.

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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

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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.

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Anticipating the CFC Rules (2)

DeemedDividendIndonesia

Foreign

CFC-1

CFC-2

Indonesian Parent

Tax Planning (bagian 2)

Oleh: Jul SeventaTarigan

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PokokPembahasanSesi 2:1. Low tax jurisdiction2. Rekarakterisasipenghasilan3. MemanfaatkanrezimPPh Final4. Pemajakanatasdividen5. Thin capitalization6. Peluang tax planning di Indonesia

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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

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$Income$

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

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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.

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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?

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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?

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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