Penelitian Pajak.

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1 Penelitian Pajak

2 Agenda Jenis Penelitian Pajak Penelitian Pajak - Teori
Contoh Penelitian Pajak

3 Jenis Penelitian Teori Terapan Menetapkan kebijakan Kepatuhan pajak
Menganalisis penerapan Mengevaluasi kebijakan Menganalisis perubahan kebijakan Terapan Kepatuhan pajak Penghindaran pajak Anti penghindaran pajak Governance Teori

4 Penelitian Pajak Penelitian pajak sebelum pertengahan 1980 menurut Shackelford dan Shevlin (2001) dikategorikan menjadi: legal research,  mengevaluasi efek pajak pada transaksi dan biasanya dipublikasikan pada jurnal hukum; dan policy studies,  mengevaluasi dampak perekonomian, biasanya dipublikasikan di jurnal akuntansi publik. Riset pajak mulai banyak dijumpai dalam jurnal akuntansi seperti TAR, JAR, JAE. Riset pajak bersifat multidisipliner sehingga dikaitkan dengan makro ekonomi, perilaku, kebijakan publik  National Tax Journal, Journal of Public Economics, Journal of Accounting and Public Policy 4

5 Obyek Penelitian Pajak
Hak / Kewajiban Negara (ASP / MAKRO) Kewajiban Perusahaan (AK) Kewajiban Individu Lokal – Nasional - Internasional 5

6 Penelitian Pajak - Negara
Tarif Dampak pajak terhadap pertumbuhan ekonomi – fungsi fiskal Insentif pajak Pajak dan konsumsi masyarakat Pajak dan investasi Fungsi regular Jenis pajak dan dampaknya dll Negara – Kebijakan fiskal 6

7 Penelitian Pajak – Institusi Pemungut Pajak
Kegiatan Pemungutan Sosialisasi Pemeriksaan Penetapan Banding Organisasi SDM Struktur organisasi Kepatuhan petugas pajak Dll Institusi Pemungut Pajak 7

8 Penelitian Pajak – Wajib Pajak Orang Pribdai
Kepatuhan Menganalisis kepatuhan terhadap regulasi – pendaftaran, pelaporan, pembayarna, pelaporan Penilaian WP terhadap regulasi Pemeriksaan dan penetapan Banding Analisis dampak perubahan kebijakan baru Tax amnesty E-filling TP Doc Persepsi WP Dll Orang Pribadi 8

9 Penelitian Pajak – Wajib Pajak Orang Pribdai
Persepsi pengelola Badan Penghindaran pajak Kepatuhan Laporan keuangan Penghindaran pajak – proksi BTD Tax planning Tax Sheltering Value relevance informasi pajak Inforasi pajak dan kualitas informasi akuntansi Badan 9

10 Laporan Keuangan Perusahaan Informasi Pajak – DJP - Pengadilan
LKPP / LKPD APBD / APBN Informasi Pajak – DJP - Pengadilan Informasi Makro / lain Data Primer 10

11 Pajak Perusahaan Badan Dipotong PPh 23 atas penghasilan jasa PBB
Memotong PPh 21 atas gaji, PPh 23 atas jasa PPN atas penyerahan barang/jasa PBB Meterai BPHTB Pajak Daerah Laba sebelum pajak (akuntansi) Koreksi fiscal Penghasilan Kena Pajak x tarif pajak Pajak terutang 1 tahun fiskal Kredit pajak Angsuran pajak (PPh25) Dipotong pihak lain (22,23) Pajak luar negeri (24) Pajak kurang/lebih bayar (29/28 Lapor KPP Setor Kas negara 11

12 Pajak dalam Laporan Keuangan
Laporan posisi keuangan Laporan laba rugi Arus kas 12

13 Pajak dalam Laporan Keuangan
Catatan atas Laporan keuangan 13

14 Perbedaan Pajak dan Akuntansi -1
PSAK Undang-Undang AKUNTANSI PAJAK PERBEDAAN Permanen Temporer Penelitian: Book tax Gap Eff Tax Rate Pajak Tangguhan: Aktiva/utang Beban/Pendapatan 14

15 Riset pajak di Indonesia
Kebijakan perpajakan : Kepatuhan WP terhadap peraturan pajak Tax gap = antara potensi pajak dengan jumlah pajak yang telah masuk baik dari sisi obyek maupun subyek Pengenaan pemotongan pajak Implikasi kebijakan perpajakan Tax amnesty, Revaluasi aset Reformasi pajak: E-filling; E-billing TP Doc Pajak dan perekonomian Trend Penerimaan pajak Tarif pajak dan kompetisi ekonomi Insentif pajak 15

16 Riset Perusahaan 16 Akuntansi Pajak penghasilan
Rekonsiliasi fiscal Pajak dalam laporan keuangan  book tax difference; earning management; pajak tangguhan. Pajak final dalam laporan keuangan Tax management, tax avoidance, tax evasion Pajak internasional  transfer pricing, heaven countries, thin capitalization Pajak transaksi khusus: sewa, transaksi mengandung sewa, aset biologis, expected credit loss, penurunan nilai, joint venture Book tax different: Penyebab Time & Permanent (tax planning) – aset tetap, foreing operation, debt Dampak Book tax gap terhadap persistensi laba, nilai perusahaan. Faktor yang mempengaruhi book tax different : CG, kepemilikan Hubungan tax planning dan earning management Pengukuran book tax different Penelitian atas Surat Ketetapan Pajak  riil earning management 16

17 Perilaku Penghindaran pajak (persepsi, laporan keuangan)
Faktor yang mempengaruhi penghindaran pajak Penelitian experiment terkait perilaku penghindaran pajak Ketaatan pajak Faktor yang mempengaruhi  etika, kepercayaan pada pemerintah, religuisitas. Etika dalam perpajakan  data primer 17

18 Metodologi Analisis Deskriptif Analisis empiris Analisis kualitatif
Data sekunder Data primer Analisis kualitatif Survey Focus graup discussion wawancara Cases studies 18

19 Penelitian Pajak Paper pajak dalam tiga jurnal akuntansi terkemuka. 19

20 Klasifikasi Penelitian Pajak
Klasifikasi penelitian pajak menurut Shevlin (1999) Riset kebijakan  bagaimana pajak meningkatkan aktivitas ekonomi, mendistribusikan kekayaan dan bagaimana meningkatkan pajak. Evaluasi atas kebijakan pajak apakah dapat mencapai tujuannya. (JATA & NTJ) Perencanaan pajak  bagaimana individu dan perusahaan merespon peraturan pajak. Kepatuhan pajak  judgemnet and decision making sehingg banyak dipengaruhi oleh bidang psikologi 20

21 Klasifikasi Penelitian Pajak
Klasifikasi penelitian pajak menurut Shacklelford dan Shevlin (2001) Trade off pajak dan non pajak  Perencanaan pajak mempengaruhi pilihan akuntansi keuangan dan pertimbangan akuntansi keuangan mempengaruhi perencanaan pajak (tidak independen) Pelaporan keuangan (inventory, intertemporal income shifting, Agency cost Pajak dan penilaian saham  dampak pajak atas M&A, capital structure, pengaruh pajak investor terhadap harga saham Multijurisdictional  perusahaan multinasional dan perusahaan multistate 21

22 Klasifikasi Penelitian Pajak
Klasifikasi penelitian pajak menurut Hanlon dan Heitzman (2010) : peran informasi beban pajak penghasilan  perbedaan antara laba akuntansi dengan penghasilan kena pajak terkait dan implikasinya terhadap pelaporan keuangan; tax avoidance (penghindaran pajak) perusahaan; efek pajak terhadap pengambilan keputusan perusahaan termasuk investasi, struktur modal, dan bentuk organisasi, serta kebijakan pajak mana yang efektif dilihat dari implikasi nyatanya terhadap keputusan perusahaan. pajak investor (investor level taxes) dan penilaian aset (asset pricing) – terkait riset mengenai dampak dari pajak dividen untuk investor dan pajak atas capital gains 22

23 Klasifikasi Penelitian Pajak
Klasifikasi penelitian akuntasi pajak menurut Graham et al (2012) : earnings management  valuation allowance, diskresi pelaporan beban pajak,pendapan hubungan antara perbedaan nilai buku dengan nilai pajak (book-tak differences) dengan karakteristik/kualitas laba; dan Pengaruh informasi pajak terhapda nilai saham 23

24 Metodologi Penelitian Pajak
Coyne (2010) Analitis Archival / empiris Eksperimental Metode lainnya Klasifikasi lain teoritis, normatif Behavioral / judgement and decision making Review / deskriptif Survey; studi lapangan 24

25 Research in Taxation Methodology Experimental market
Behavioral /judgment and decision making – 40% Analythical Empirical – 50% Top Accounting Journal & Taxation The Journal of American Taxation Association (JATA) Journal of Accounting Review (JAR) The Accounting Review (TAR) Journal of Accounting and Economic Classification Tax Policy research  effectiveness of policy to achieve the goals Tax planning research  respond on tax rule Complience Research 25

26 Tax Research 26

27 Research in Tax Planning
27

28 Overview Tax Research A review of Tax Research, Michelle Hanlon and Shane Heitzman, Journal of Accounting and Economics (2010) (50) Research in accounting for income taxes, John R.Graham, Jana S.Raedy , Douglas A.Shackelford Journal of Accounting and Economics (2011) Nov The Future of tax Reserach: From an Accounting Proffessor’s Perspective, Terry Shevlin, the Journal of the American Taxation Association, Fall 2007; 87 Empirical tax research in accounting Douglas, “A.Shackelford, Terry Shevlin, Journal of Accounting and Economics (2001)

29 BTD & ETR Determinants of the Variability in Corporate Effective Tax Rates, Evidence from Longitudinal Data, Sanjay Gupta and Kaye Newberry, Journal of Accounting and Public Policy, 16, (1997), 1-34. Tax Avoidance: Does Tax-Specific Industry Expertise Make a Difference?, Sean T. McGuire, Thomas C. Omer, Dechun Wang, The Accounting Review, Vol. 87, No. 3, 2012, pp. 975–1003. Determinants of the variability in corporate effective tax rates and tax reform: Evidence from Australia, Grant Richardson, Roman Lanis, Journal of Accounting and Public Poliy, 26,

30 BTD & QUALITY OF INCOME Tax Avoidance, Large Positive Temporary Book-Tax Differences, and Earnings Persistence, Bradley Blaylock, Terry Shevlin, Ryan J. Wilson, The Accounting Review, Vol. 87, No. 1 (2012), pp. 91–120 Taxable Income as a Performance Measure:The Effects of Tax Planning and Earnings Quality, Benjamin C. Ayers, John Xuefeng Jiang and Stacie K Laplante, Contemporary Accounting Research, Vo 26, No 1 (Spring 2009) pp The Persistence and pricing of earning accrual, and cash flows when firms have large book tax difference, Michelle Hanlon, The Accounting Review, Vol 80 No 1, (2005) pp The Persistence, Forecasting and Valuation Implication of Tax Change Component of Earnings, Ancrew P. Shmidt, The Accounting Review, May 2006:81 An uninteded consequence of book-tax conformity: A loss of earnings informativeness, Michelle Hanlon, Edward L. Maydew, Terry Shevlin, Journal of Accounting and Economics 46 (2008)

31 BTD & ASET PRICING Uday Chandra and Byung T. Ro, The Association between Deferred Taxes and Common Stock Risk, Journal of Accounting and Public Policy, 16, (1997)

32 Tax Avoidance & Earning Management
Can book–tax differences capture earnings management and tax Management? Empirical evidence from China, Tanya Tang, Michael Firth, The International Journal of Accounting 46 (2011) 175–204. Tax Reporting Aggressiveness and Its Relation to Aggressive Financial Reporting, Mary Margaret Frank, Luann J. Lynch, Sonja Olhoft Rego, The Accounting Review, 2009, Vol 84 No 2 pp Creating a Bigger Bath Using the Deferred Tax Valuation Allowance, Theodore E. Christensen, Gyung H. Paik and Earl K. Stice,Journal of Business Finance & Accounting, 35(5) & (6), 601–625, June/July 2008. Earning Management: New Evidence Based on Deferred Tax Expense, John Philips and Porton Pincus, Sonja Ofhoft Rego, The Accounting Review, Apr 2003:78. Dhaliwal, D., C Gleason, dan L. Mills. (2004). Last chance earnings management: using the tax expense to meet analysts’ forecasts, Contemporary Accounting Research 21 (2):

33 Tax Behavior The impact of audit risk, materiality and severity on ethical decision making: An analysis of the perceptions of tax agents in Australia, Rex Marshall, Malcolm Smith, Robert Armstrong, Managerial Auditing Journal, 21 5, 2006, Social responsibility, Machiavellianism and tax avoidance: A study of Hong Kong, tax professionals, William E. Shafer, Richard S. Simmons, Accounting, Auditing & Accountability Journal, Vol. 21 Iss: 5, (2008), pp – 720. The importance of faith: Tax Morale and religiosity, Benno Torgler, Journal of Economic Behavior & Organization, 2006:81-109 A Note on the Relation between Frames, Perceptions, and Taxpayer Behavior, Scot B. Jackson and Richard C. Hatfield, Contemporary Accounting Research Vol. 22 No. 1 (Spring 2005) pp

34 Tax Avoidance, CG, CSR Tax avoidance, tax management and corporate social responsibility, Fariz Huseynov, Bonnie K. Klamn, Journal of Corporate Finance, 18 (2012), Minnick, Kristina dan Tracy Noga. (2010). Do Corporate Governance Characteristics Influence Tax Management?. Journal of Corporate Finance, 16, Mozaffar Khan, Suraj Srinivasan, and Liang Tan (2017) Institutional Ownership and Corporate Tax Avoidance: New Evidence. The Accounting Review: March 2017, Vol. 92, No. 2, pp

35 International Tax The determinants of thinly capitalized tax avoidance structures: Evidence from Australian firms, Grantley Taylora, Grant Richardsonb, Journal of International Accounting, Auditing and Taxation 22 (2013) 12– 25. The demand for tax haven operations, Mihir A. Desai, C. Fritz Foley, James R. Hines Jr. Journal of Public Economics 90 (2006) 513– 531. International Corporate Tax Avoidance Practices: Evidence from Australian Firms, Grantley Taylor and Grant Richarson, The International Journal of Accounting, 47 (2012) 469–496. Cross-Jurisdictional Income Shifting by U.S. Multinationals: Evidence from International Bond Offerings Kaye J. Newberry; Dan S. Dhaliwal Journal of Accounting Research, Vol. 39, No. 3. (Dec., 2001), pp )

36 Book Tax Gap The Persistence and pricing of earning accrual, and cash flows when firms have large book tax difference, Michelle Hanlon, The Accounting Review, Vol 80 No 1, (2005) pp

37 Book Tax Gap Tax Avoidance, Large Positive Temporary Book-Tax Differences, and Earnings Persistence, Bradley Blaylock, Terry Shevlin, Ryan J. Wilson, The Accounting Review, Vol. 87, No. 1 (2012), pp. 91–120 ABSTRACT: We investigate why temporary book-tax differences appear to serve as a useful signal of earnings persistence (Hanlon 2005). We first test and show that temporary book-tax differences provide incremental information over the magnitude of accruals for the persistence of earnings and accruals. We then opine that there are multiple potential sources of large positive book-tax differences. We predict and find that firms with large positive book-tax differences likely arising from upward earnings management (tax avoidance) exhibit lower (higher) earnings and accruals persistence than do other firms with large positive book-tax differences. Finally, we find significant variation in current-period earnings and accruals response coefficients and insignificant hedge returns in period tþ1, consistent with investors being able to look through to the source of large positive book-tax differences (earnings management and tax avoidance), allowing them to correctly price the persistence of accruals for these subsamples.

38 Book Tax Confirmity Atwood, T.J., Drake, M.S., & Myers, L.A. (2010). Book-tax conformity, earnings persistence and the association between earnings and future cash flows. Journal of Accounting and Economics, 50, 111–125. Calls for eliminating differences between accounting earnings and taxable income in the US have been debated extensively. Proponents of increased book-tax conformity argue that tax compliance will increase and earnings quality will improve. Opponents argue that earnings quality will decline. We examine whether the level of required book-tax conformity affects earnings persistence and the association between earnings and future cash flows. We develop a comprehensive book-tax conformity measure and find that earnings have lower persistence and a lower association with future cash flows when conformity is higher. Our evidence suggests that increased book-tax conformity may reduce earnings quality.

39 Book Tax Confirmity Home country tax system Characteristics and corporate tax avoidance: international Evidence, T.J. Atwood, Michael S. Drake, James N. Myers Linda A. Myers, The Accounting Review, ol 87, No 6 (2012) pp We examine whether three tax system characteristics—required book-tax conformity, worldwide versus territorial approach, and perceived strength of enforcement— impact corporate tax avoidance across countries after controlling for firm-specific factors previously shown to be associated with tax avoidance (i.e., performance, size, operating costs, leverage, growth, the presence of multinational operations, and industry) and for other cross-country factors (i.e., statutory corporate tax rates, earnings volatility, and institutional factors). We find that, on average, firms avoid taxes less when required book-tax conformity is higher, a worldwide approach is used, and tax enforcement is perceived to be stronger. However, the relations between tax avoidance and all three tax systems characteristics are contextual and depend on the extent to which management compensation comes from variable pay, including bonuses, stock awards, and stock options.

40 Paper Discussion

41 TAX RESEARCH IN ACCOUNTING
D.A. Shackelford, T. Shevlin, Journal of Accounting and Economics This paper traces the development of archival, microeconomic- based, empirical income tax research in accounting over the last 15 years. The paper details three major areas of research: the coordination of tax and non-tax factors, the effects of taxes on asset prices the taxation of multijurisdictional (international and interstate) commerce. Methodological concerns of particular interest to this field also are discussed. Research before 1980 Legal research, evaluating the effects of taxes on exogenous transactions, usually published in law journals, and Policy studies, evaluating the distributional or efficiency effects of taxes, usually published in public economics journals. 41

42 Research Question Tax research has long attempted to address three questions of scholarly and policy interest: Do taxes matter? If not, why not? If so, how much? Current tax research in accounting addresses these questions using a framework developed by by Scholes and Wolfson (SW, 1992). 42

43 Scholes–Wolfson paradigm
Effective tax planning requires the [tax] planner to consider the tax implications of a proposed transaction for all of the parties to the transaction. Effective tax planning requires the planner, in making investment and financing decisions, to consider not only explicit taxes (tax dollars paid directly to taxing authorities) but also implicit taxes (taxes that are paid indirectly in the form of lower before-tax rates of return on tax-favored investments). Effective tax planning requires the planner to recognize that taxes represent only one among many business costs, and all costs must be considered in the planning process: to be implemented, some proposed tax plans may require exceedingly costly restructuring of the business.’’ (SW, p. 2). 43

44 Scholes–Wolfson paradigm
The three themes - All parties, all taxes, and all costs provide a structure for tax management that achieves organizational goals, such as profit or wealth maximization. The themes imply that tax minimization is not necessarily the objective of effective tax planning. Effective tax planning must be evaluated in the efficient design of organizations and through adoption of a contractual perspective. The paradigm implicitly assumes that if all contractual parties, all taxes (explicit and implicit), and all non-tax costs can be identified and controlled, then the observed tax behavior will be rational and predictable. No paper challenges the validity of the SW framework. 44

45 Tax and non-tax tradeoffs
Financial reporting considerations Inventory accounting Compensation Inter-temporal income shifting Capital structure, divestitures and asset sales Regulated industries Other setting – accounting for depreciable asset Agency Costs Tax shelters Tax research in accounting examines the coordination of taxes and other factors in business decisions. Taxes cannot be minimized without affecting other organizational goals. This review of the tradeoff literature is dichotomized: the interaction of financial reporting and tax factors the effects of agency costs on tax minimization. 45

46 Taxes and assets prices
Merger and acquisition Capital structure Implicit taxes Equity price and investor taxes Dividends tax capitalization Capital gains tax capitalization studies of equilibrium prices Price pressure arising from capital gains taxes 46

47 Research in Taxation - methodology
Experimental market Behavioral /judgment and decision making Analythical Empirical Classification Tax Policy research  effectiveness of policy to achieve the goals Tax planning research  respond on tax rule Complience Research 47

48 Suggestion We close with a few thoughts about potentially new areas of research. First , strong links have been developed between financial accounting and taxes. Second, a potentially understudied topic is accounting for income taxes, which neither tax research nor financial accounting research has closely evaluated. Finally, little is known about the potential cross-sectional differences in the willingness of firms to avoid taxes. One determinant that has attracted attention is the extent to which managers or other insiders control the firm. 48

49 A Review of Tax Research
Michelle Hanlon and Shane Heitzman, Journal of Accounting and Economics (2010) (50) 49

50 Introduction Shackelford and Shevlin (2001) limit their review to research published in accounting outlets and describe the development of the relatively young archival, microeconomic-based income tax literature that arose from the Scholesand Wolfson framework. Maydew(2001) emphasizes the need for tax researchers in accounting to think more broadly and to incorporate more theory and evidence from economics and finance. Tax research has along history in many disciplines. The goal in this paper is to integrate the theoretical and empirical tax research from accounting, economics, and finance, to summarize what is known and unknown, and to offer suggestions for future research. 50

51 Review Tax Research Review Tax Research
The informational role of accounting for income taxes Taxes, book-tax tradeoffs, and real corporate decisions Review Tax Research corporate tax avoidance Taxes and asset pricing 51

52 Informational role of AFIT
A taxonomy of the literature and review of the evidence Inferences from book-tax differences about current and future earnings. Are earnings managed through the tax accounts? Do changes in the valuation allowance reveal manager’s private information about future performance? Sources of differences between book and taxable income The informational role of accounting for income taxes Book-tax conformity Summary and suggestions for the future 52

53 Tax Avoidance corporate tax avoidance 53
Theory of corporate tax avoidance Tax system : tax rate Legal system & governance Determinants of tax avoidance (firm characteristic, manager effects, ownership, governance, incentives Measuring tax avoidance Effective tax rate measures Long-run effective tax rates Book-tax differences Discretionary or ‘‘abnormal’’ measures of tax avoidance Unrecognized tax Tax shelter firms benefits (UTB) The consequences of tax avoidance Direct: CF, Firm Value Indirect: cap structure decision corporate tax avoidance Summary and suggestions for the future 53

54 Pengukuran Tax Avoidance
Metode Pengukuran Cara Perhitungan Keterangan GAAP ETR 𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑡𝑜𝑡𝑎𝑙 𝑖𝑛𝑐𝑜𝑚𝑒 𝑡𝑎𝑥 𝑒𝑥𝑝𝑒𝑛𝑠𝑒 𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑡𝑡𝑎𝑙 𝑝𝑟𝑒−𝑡𝑎𝑥 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝑖𝑛𝑐𝑜𝑚𝑒 Total tax expense per dollar of pre-tax book income Current ETR 𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑐𝑢𝑟𝑟𝑒𝑛𝑡 𝑖𝑛𝑐𝑜𝑚𝑒 𝑡𝑎𝑥 𝑒𝑥𝑝𝑒𝑛𝑠𝑒 𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑡𝑡𝑎𝑙 𝑝𝑟𝑒−𝑡𝑎𝑥 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝑖𝑛𝑐𝑜𝑚𝑒 Current tax expense per dollar of pre-tax book income Cash ETR 𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑐𝑎𝑠ℎ 𝑡𝑎𝑥𝑒𝑠 𝑝𝑎𝑖𝑑 𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑡𝑡𝑎𝑙 𝑝𝑟𝑒−𝑡𝑎𝑥 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝑖𝑛𝑐𝑜𝑚𝑒 Cash tax paid per dollar of pre-tax book income Long-run cash ETR 𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑐𝑎𝑠ℎ 𝑡𝑎𝑥𝑒𝑠 𝑝𝑎𝑖𝑑 𝑤𝑜𝑟𝑙𝑑𝑤𝑖𝑑𝑒 𝑡𝑡𝑎𝑙 𝑝𝑟𝑒−𝑡𝑎𝑥 𝑎𝑐𝑐𝑜𝑢𝑛𝑡𝑖𝑛𝑔 𝑖𝑛𝑐𝑜𝑚𝑒 Sum of taxes paid per over n years divided by the sum of pre-tax earnings over n years ETR Differential Statutory ETR- GAAP ETR The differences of between the statutory ETR and the firm´s GAAP ETR DTAX Error term from following regression : ETR differential x Pre-tax book income = a +b x controls + e The unexplained portion of the ETR differential Sumber : Hanlon dan Heitzman (2010) 54

55 Tax Avoidance 55 Metode Pengukuran Cara Perhitungan Keterangan
Total BTD Pre-tax book income – ((U.S. CTE + Fgn CTE / U.S. STR) – (NOLt – NOLt-1)) The total differences between book and taxable incomes Temporary BTD Deferred tax expense/ U.S. STR Abnormal total BTD A measure of unexplained total book-tax differences Unrecognized tax benefit Disclosed ammount post-FIN-48 Tax liability accrued for taxes not yet paid on uncertain positions Tax shelter activity Indicator variable for firms accused of engaging in a tax shelter Firms identified via firm disclosures, the press, or IRS confidential data Marginal tax rate Simultated marginal tax rate Present value of taxes on an additional dollar income Sumber : Hanlon dan Heitzman (2010) 55

56 Tax & Corporate Decison
Investment Theory of investment and taxes: a brief background Taxes and investment: some evidence Investment in intangibles Investment location decisions The reinvestment or repatriation decision Corporate inversions to tax havens Summary and thoughts for future research Capital structure Estimating the tax benefit of debt Measuring leverage Summary and thought for the future Payout policy Taxes and other dec: transfer pricing, aquistioan and compensation Transfer pricing Merger and aquisition Executive compensation Executive trading Taxes, book-tax tradeoffs, and real corporate decisions Organizational form The choice of organizational form Summary and thought for future research

57 Tax & Aset Pricing Investor-level taxes and asset prices
Thoughts for future research Capital gains taxation: capitalization & lock-in Capital gains taxes and expected return Stock market realization and lock-in effect Deviden taxation The economic effects of dividen taxation: a brief introduction Log-horizon returns: the effect of dividend yiled on expected returns Event study predictions: the valuation of dividend tax rate change Ex-devidend day study Evidence from valuation models Summary Investor-level taxes and asset prices Remaining issues and Ques for future research How relevant the marginal investor? Are dividend taxes priced differently across firms Asset pricing in the open economy

58 Research in Accounting for Income Taxes
John R.Graham, Jana S.Raedy , Douglas A.Shackelford Journal of Accounting and Economics (2011) Nov

59 The Rule Governing Accounting for Income Taxes
Temporary difference Permanent Different Uncertain tax contingent Permanently reinvested foreign earnings

60 Why Accounting of Income Taxes
Income Tax expense is significant expense Tax accounts provide information to an adversarial party Tax account provide an alternative measure of income Tax expense is never included as component of operating expense

61 Research in Accounting for Income Taxes
Earnings management Earnings characteristics, and the equity market pricing of information in the tax accounts. Research in Accounting for Income Taxes The association between book-tax differences

62 Earning Management Earning Management
Studies of earning management via discreation in reporting the US tax expense on foreign profit Studies of earning management via the valuation allowance Earning Management Other studies Studies of earning management via the tax contingency account Future research in earning management

63 Informational role of AFIT
Persistence of tax information – tax change component or earning BTD effects earning growth Association between boot tax differences and earning characteristics BRD and earning persistence Earning quality proxies

64 The pricing of tax information reported in the FS
Tax Avoidance Deferred tax account Empirical studies Theoritical studies Tax Contingency The pricing of tax information reported in the FS Information content of estimated taxable income and book tax difference Ass. Contemporaneous return and BTD Ass. future return and estimated taxable income Summary Future research in pricing of tax information in FS

65 Conclusion Tax on real corporate decesion difficult to document.
Informational role of AFIT More detailed examination sources of books tax different Tax avoidance, gov obejctive : closer the gap, increase complience and collect more revenue. Principle agent setting Tax authority and corporate governance system Theory and evidence causes and consequences of the tax avoidance Taxes are one factor that enter into management cost banefit management decision

66 martani@ui.ac.id atau dwimartani@yahoo.com
TERIMA KASIH Dwi Martani atau