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).
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.
