META ANALISA

6/07/2016 04:51:00 AM


4EB13
Tika Yuliana (27212388)
Uthary Maladhika (27212533)


 Jurnal 1
Analysis of Transfer Pricing Systems Using Public Information:
The Case of Galp Energia
João André Freitas
October 2013

a.  Background
                Globalization and sophistication of management resources take enterprises to operate out of their national borders. International expansion increases the company’s decentralization degree. Decentralization gives importance to tools that can manage an operational control system, for a correct attribution of expenses and income. Transfer pricing systems (TPS) by articulating prices of goods and services between subsidiaries in and out of national borders are management tools that can increase  multinational enterprises (MNE) profit and control.  This vantage  is obtained by minimizing taxes, fares and duties (Shulman, 1968). In 1996 an international report (OECD, 1996) introduced the ALP to fairly regulate transfer pricing systems. In present days, transfer prices (TP) are  considered by many enterprises to be the most important fiscal matter to affect MNEs (Ernst&Young, 2010).
Governments around the world have been working on TP’s legislation, most of all, following  close by the OECD guidelines. Never the less, there still are countries with poor or no legislation about TP, exposed to profit shifting by MNEs. Before the recent legislation and fiscal audits, deepening in the theme’s study and full knowledge of the legislation in each territory is needed for optimal application of TPSs. Although many of the benefits from an operational TPS are recognized, the many difficulties on its application like legal obstacles and demotivation from subsidiaries’ managers create a wide range of companies that still don’t use this tool.

b. Purpose
Therefore, the main goal of  this research is to identify, analyze and evaluate a TPS adopted by a Portuguese MNE, using only public information and resources. The purpose of the research is to give a contribution for TPS studies, through a new methodological  approach able to be successful even without access to enterprises’ confidential information.

c. Analysis Tools
 






d. Object of Research
                The case study is built on Galp Energia.  It’s a Portuguese energy company with different functions across four continents. The mother company is called Galp Energia, SGPS and has headquarters in Portugal. Initially it was a state company but became public in 1999, listed on the Lisbon stock exchange market.

e. Discussion
                After evaluating the possible TP methods, two methods meet the conditions needed, the CUP and RPM methods. The CUP method can be elaborated with the price values of both comparable transactions. While the RPM method can be applied with the estimated average market margin. The CUP method obtained an arm’s length range of [2.34 €/Kg; 5.06€/Kg] and the RPM method an arm’s length value of 2.31  €/Kg. Indicating that the practiced price isn’t at arm’s length. The calculated results for the group’s net profit considered an import tariff of 35%, a producer’s tax of 25% and a buyer’s tax of 32%. The results are showed in the Table 1 below:
                We also compared the percentage differences of the technical assistance’s services and obtained   a difference of more 0.66% to Petromoc technical assistance. The results and sensibility analyses performed show that with these tariffs and taxes, the group’s net profit in maximized with  the minimization of the transfer price. The tendency only changes when the import tariff is lower  than 9.3% or the buyer’s tax is higher than 51.3%. The results show that the industry allows the integration of services in the price of products, improving the profits by reducing the duty tariffs.

f. Conclusion
A transfer pricing system of Galp Energia was analyzed resourcing only to public information. The results show that methodology  applied allows a consistent analysis of  multinational enterprises’ transfer prices in the oil industry. The methodology revealed to be adequate by presenting sufficient instruments to evaluate the comparability factors. Through these factors was possible to perform a comparability analysis between de companies of Galp Energia, with internal comparable transactions and external comparable transactions. The available data allowed the estimation through the Comparable Price Method and Resale Price Method of transfer prices and potential profits for Galp Energia.  These results allowed the analysis through  different transfer pricing methods, demonstrating that public information allows at least an evaluation of  transfer pricing ranges. The study’s case demonstrated the possibility to relate transfer prices ranges with subsidiaries’ associated functions  of the group Galp Energia. The estimations allowed the critic analysis of the results and the evaluation of the methodology strength through sensibility tests.
The critic analysis of the results allowed the suggestion of improvements, as a higher integration of services’ transfer prices with the prices associated with products knowing that services  do not pay duty tariffs. The case’s oil industry revealed  a good capacity for the integration of services’ transfer prices with products’ transfer prices, avoiding duty tariffs and maximizing the profits of companies. This integration isn’t specific to this industry and can be extended, for example to the informatics equipment’s industry by associating technical assistance and other services with product’s transactions. In legal terms the results  may  indicate some  extra  financing of the distributor subsidiary through transfer prices. However, this study shows that there weren’t found serious situations of improper use of transfer prices.


Jurnal 2

Transfer Pricing: Strategies, Practices, and Tax Minimization
Kenneth Klassen, Petro Lisowsky, Devan Mescall
January, 2014

a.  Background
In doing so, we are the first to document evidence that companies pursue different tax goals with their transfer pricing practices, and  examine  directly whether a firm’s  primary strategy surrounding transfer pricing for taxes—whether tax minimization or tax compliance—is related to observable tax outcomes.
                Recognizing the need to learn more about the  details of how firms implement transfer
prices and their role in business strategy, Hanlon and Heitzman (2010) call for research into the internal workings of multinational firms.

b. Purpose
                Overall, the goals, approaches, and motivations behind these surveys are broadly similar to ours, i.e.,  the paucity of archival  data—despite the subject matter’s importance—requires researchers to employ non-archival methods to obtain direct evidence from inside corporate tax departments.

c. Hypothesis
                This rationale leads to our first hypothesis:
H1: Firms that measure transfer pricing effectiveness based on cash taxes paid will have
lower effective tax rates than those who focus on tax compliance.
We formalize our second hypothesis as follows:
H2: Firms that measure transfer pricing effectiveness based on cash taxes paid will report higher financial statement  tax reserves  under  FIN 48 than firms that measure their transfer pricing effectiveness based on tax compliance.

d. Analysis Tools
            An analysis of our survey firms using Compustat data to calculate various measures
of short- and long-run ETRs confirms our survey inferences.
e. Object Research
            In cooperation with the Tax Executives Institute (TEI),  we  conduct an extensive field survey of  219 multinational  corporate tax directors  to provide  a detailed internal account of differences in transfer pricing strategies and practices and their role in tax minimization.
                       
f. Discussion
                We begin our analysis of the link between the tax department’s transfer pricing goals and effective tax rates by first describing the survey data underlying the variables in our Equation (1) above. Panel A of Table 2 reports that the 64 respondent firms for which we have all necessary data to estimate Equation (1) have a mean (median) GAAP  effective tax rate (GAAP ETR) of 26.1% (29%) in 2010.  With the top U.S. statutory tax rate  of 35%, these U.S.-based multinationals report ETRs significantly lower than this top rate.
            Collectively, the regression results from  estimating Equation (1) provide evidence that the effect of transfer pricing on tax minimization is not uniform and that differences in transfer pricing strategies and practices have  economically large  effects on a firm’s  tax outcomes as measured by the GAAP effective tax rate.          
            Therefore, it appears that financial reporting costs may be part of the reason why most firms in fact select compliance as a transfer pricing goal rather than pure tax minimization. Overall, our tests of H2focusing on FIN 48 help triangulate that not all firms simply use transfer pricing strategies to minimize taxes, but those that do appear to do so use more uncertain positions.

g. Conclussion
                Using a survey of 219 tax directors at multinational firms, our study  provides the first detailed evidence that transfer pricing strategies and practices are not uniform across  multinational firms. In particular, firms assess the efficiency of their transfer pricing practices across a variety of metrics, ranging from the ability to minimize cash taxes to  ensuring tax compliance through a  lack of disputes with the tax authorities. Next, using multivariate regression specifications based on both our survey data and available Compustat data, we find that  a firm’s evaluation criteria for success of  the transfer pricing strategies  has a significant impact on the GAAP effective tax rate. Overall, we find that firms that assess success based on cash taxes paid report a lower ETR by 4.1 percentage points on average, while firms that focus on compliance report higher ETRs by 3.8 percentage points, on average, relative to firms thatfocus on neither of these goals; an analysis using Compustat data confirms our survey analysisusing various additional measures of short- and long-run ETRs.
Finally, we find that larger tax budgets, more experienced tax directors, and a commitment to tax planning surrounding transfer pricing are linked to lower ETRs, suggesting that resources and skill in this area of taxation indeed have significant effects on tax outcomes. In all, our study is a first step towards answering the call in Hanlon and Heitzman (2010)to provide new and direct evidence on the role of transfer pricing in tax minimization. We extend a long line of research in accounting and economics investigating the links between transfer prices and tax reduction by  directly identifying corporate strategies and practices related to transfer prices and linking them to effective tax rates, as well as  supplementing our understanding of the role of tax havens in this context. Although our evidence shows that transfer pricing is a material  tax minimization tool and that a significant number of firms are evaluating their transfer pricing success based  on tax minimization,  we also provide evidence that  even more frequent are multinationals’ goal to comply with international tax laws. As a result, it does not appear that all—or even most—multinationals fit the anecdotal media stereotype of chronic tax dodgers, and that transfer pricing remains a material source of tax uncertainty in international business.


Jurnal 3

PERENCANAAN PAJAK DENGAN TRANSFER PRICING MELALUI SUPPLYCHAIN MANAGEMENT
Ramos Pardamean
Maret, 2012

a. Latar Belakang
Saat ini, bisnis tidak hanya berkiprah di tempat kedudukan perusahaan saja. Untuk memperlebar jangkauan pasarnya, perusahaan tersebut membuka cabang atau anak perusahaan serta perwakilan di luar negeri. Selanjutnya perusahaan yang demikian membentuk holding dan trading company untuk mengkoordinasi bisnisnya. Salah satu akibat dari perluasan kegiatan dan perdagangan ke manca negara ini adalah terbentuknya perusahaan multinasional, yaitu perusahaan yang terdiri dari beberapa perusahaan yang saling berasosiasi dan beroperasi pada beberapa negara, yang dapat menjadi suatu kekuatan ekonomi dengan strategi usaha yang kompleks. Perusahaan multinasional merupakan actor utama dalam bisnis internasional karena memiliki pengaruh yang kuat dalam bidang ekonomi, hukum, sosial, keuangan dan perpajakan. Dalam lingkungan perusahaan
tersebut, sebagian besar aktivitas bisnis yang meliputi penjualan barang dan jasa, lisensi hak dan harta tak berwujud lainnya, terjadi antar mereka sendiri. Penentuan dan penghitungan harga, imbalan atau persyaratan dagang antar mereka, ditentukan berdasarkan kebijakan harga transfer (transfer pricing) yang dapat sama atau beda dengan harga pasar (market price) (Gunadi, 2007, p. 221).

b. Tujuan
Memberikan deskripsi gambaran kebijakan perencanaan pajak atas transfer pricing yang dilakukan Wajib Pajak dan Untuk menjelaskan dan menganalisis faktor-faktor apa saja yang menghambat atau mendukung kebijakan perencanaan pajak dalam transfer pricing

c. Alat Analisis
Peneliti akan menjabarkan proses penelitian yang dimulai dari pemilihan topik hingga kek kerangka pemikiran dan metode penelitian yang digunakan guna menyelesaikan laporan peneliitian ini.

d. Obyek Penelitian
Objek penelitian adalah anti-tax avoidance rule atas transfer pricing.

e. Pembahasan
Berdasarkan hirarki peraturan perundang-undangan banyak yang mengerti bahwa SE-04 ini bukanlah peraturan pelaksana tetapi pada saat itu SE diakui sama dengan peraturan pelaksana. Alasan mereka karena tidak ingin ada masalah dengan fiskus, karena akan memakan biaya dan waktu yang dapat merugikan Wajib Pajak. Biasanya Wajib Pajak yang memperlakukan SE-04 ini seperti peraturan pelakasana adalah perusahaan yang bergerak pada industri-industri yang pergerakkan barang mentah menjadi barang jadi cepat. Perusahaan seperti ini tidak ingin ada masalah dengan Dirjen Pajak pada setiap level rantai pasokannya.

f. Kesimpulan
Perencanaan pajak melalui transfer pricing telah berubah sekarang banyak hingga sekarang Wajib Pajak menggunakan TESCM, meliputi penggunaan toll manufacturing, contract manufacturing, full fledged manufacturing serta menggunakan commissionaire, limited risk distributorship, dan full fledged distributor. Dan TESCM ini adalah pengembangan dari sentralisasi rantai pasokan demi pengefisienan biaya.


Jurnal 4

PENGARUH PAJAK, KEPEMILIKAN ASING, DAN UKURAN PERUSAHAAN TERHADAP TRANSFER PRICING PADA PERUSAHAAN MANUFAKTUR DI BEI TAHUN 2010-2013

Nancy Kiswanto
Agustus, 2014

a. Latar Belakang
Ada ada dua motif suatu perusahaan melakukan manipulasi transfer pricing, internal dan external (Lorraine dan Smith, 2001, p. 5). Dari segi internal, suatu perusahaan biasanya me-reward manajer berdasarkan performa keuangan perusahaan. Transfer pricing dapat menjadi alat untuk mencapai tujuan itu dengan memotivasi para manajer divisi penjualan dan mengamati performa keuangan perusahaan. Misalnya, divisi penjualan membeli dari divisi produksi dengan harga rendah dan menjualnya dengan harga yang tinggi, agar performa keuangan bagus dan dapat reward.

b. Tujuan
Penelitian ini bertujuan untuk mengetahui dan menganalisis pengaruh pajak, kepemilikan asing, dan ukuran perusahaan terhadap transfer pricing di Bursa Efek Indonesia (BEI) tahun 2010-2013.

c. Alat Analisis
Pajak diukur menggunakan proksi cash ETR (cash effective tax rate), kepemilikan asing diukur menggunakan proksi persentase kepemilikan asing sebesar 20% atau lebih, ukuran perusahaan diukur menggunakan proksi log total aset, dan transfer pricing diukur menggunakan proksi rasio nilai transaksi pihak berelasi (related party transaction/RPT) piutang atas total piutang perusahaan.

d. Obyek Penelitian
Populasi pada penelitian ini adalah 125 perusahaan manufaktur yang terdaftar di BEI tahun 2010-2013. Berdasarkan metode purposive sampling, sampel yang diperoleh sebanyak 24 perusahaan.

e. Kesimpulan
Hasil penelitian menunjukkan bahwa variabel pajak berpengaruh positif terhadap transfer pricing, kepemilikan asing berpengaruh positif terhadap transfer pricing, dan ukuran perusahaan berpengaruh negatif terhadap transfer pricing.


Jurnal 5

ANALISIS PRAKTIK TRANSFER PRICING ATAS PRODUK DIGITAL PADA PT KLM
Clarissa.G.S
Juni, 2012

a.  Latar Belakang
Hubungan di antara perpajakan dan perkembangan teknologi selalu interaktif, dinamis dan kompleks. Kemajuan teknologi sangat membantu dalam bisnis internasional. (Basu, 2007, 1). Tren transformasi informasi ke dalam bentuk digital (digitizing) seiring dengan perkembangan internet menjadikan era ini disebut sebagai internet economy. Kemajuan teknologi dan informasi ini akan meningkatkan efisiensi ekonomi yang besar dengan melalui digitalisasi karena bits yang tersimpan di dalam komputer menjadi berkurang, dan pergerakaannya akan menjadi sangat cepat dalam suatu jaringan, sehingga fungsi komputer menjadi sangat berkembang menjadi sebagai alat manajemen informasi dan komunikasi. (Winardi Wahyudi, Inside Tax Edisi 01 November 2007, 20-23).

b. Tujuan
Mengetahui sifat dari produk digital yang menjadi transaksi PT KLM, Penggunaan metode dalam penentuan harga wajar atas transaksi yang dilakukan oleh PT KLM dengan KLM Ltd.

c. Alat Analisis
Dalam penelitian ini, penulis melakukan penelitian terhadap produk digital, dimana hal tersebut didasari bahwa prinsip kewajaran yang diakui secara internasional dibentuk berdasarkan produk non-digital, dalam hal ini penulis ingin meneliti bagaimana prinsip kewajaran dalam produk digital itu sendiri dan apa yang menjadi upaya Direktur Jenderal Pajak terkait transfer pricing terutama terkait dengan perdagangan media elektronik.

d. Objek Penelitian
Objek penelitian ini adalah lingkungan perpajakan, dimana lingkungan perpajakan tersebut yang dimaksud adalah otoritas perpajakan dalam hal ini Direktorat Jenderal Pajak, PT KLM sebagai Wajib Pajak, dan pihak praktisi perpajakan yang dapat memahami mengenai praktik yang dilakukan oleh PT KLM.

e. Pembahasan
Secara umum transfer pricing merupakan jumlah harga atas penyerahan barang atau imbalan atas penyerahan jasa yang telah disepakati oleh kedua belah pihak dalam transaksi bisnis finansial maupun transaksi lainnya. Di Indonesia, terkait dengan transfer pricing diatur di dalam Undang-Undang Republik Indonesia Nomor 7 tahun 1983 tentang Pajak Penghasilan Sebagaimana Telah Beberapa Kali Diubah Terakhir Dengan Undang-Undang Republik Indonesia Nomor 36 tahun 2008.

f. Kesimpulan
Metode Dalam Penentuan Harga Wajar atas transaksi PT KLM dengan KLM Ltd adalah Comparable Uncontrolled Price Method. Transaksi dalam produk digital merupakan transaksi yang berbeda dengan transaksi konvensional pada umumnya. Meskipun mengalami perbedaan secara bentuk, tetapi dalam transfer pricing dapat menggunakan Arm’s Length Principle. Meskipun Arm’s Length Principle dibentuk berdasarkan pada transaksi konvensional.