Rekonstruksi Metode Pembatasan Biaya Pinjaman dalam Penghitungan Penghasilan Kena Pajak: Analisis Normatif-Komparatif atas Earnings Stripping Rules sesuai Pasal 42 Peraturan Pemerintah Nomor 55 Tahun 2022

Dirga Repindo Saragih; Yohanes Kresna; John L. Hutagaol

doi:10.61132/menawan.v4i5.2608

Authors

Dirga Repindo Saragih Institute Perbanas
Yohanes Kresna Institute Perbanas
John L. Hutagaol Institute Perbanas

DOI:

https://doi.org/10.61132/menawan.v4i5.2608

Keywords:

Borrowing Costs, Debt Equity Ratio, Earnings Stripping, Thin Capitalization, Tax Provision

Abstract

Article 42 of Government Regulation Number 55 of 2022 provides alternatives for limiting deductible borrowing costs through a debt-to-equity ratio, a specified percentage of borrowing costs relative to an income measure, or other methods. However, the earnings-based method has not yet been operationalised, while Minister of Finance Regulation Number 169/PMK.010/2015 continues to apply a 4:1 debt-to-equity ratio (DER). This study examines the regulatory status, structural limitations of DER, comparative designs in Germany, the European Union, and Australia, and a framework for implementing an earnings stripping rule (ESR) in Indonesia. A normative legal method is used through statutory, comparative, and conceptual approaches, supplemented by an illustrative application to four Indonesia Stock Exchange issuers for 2024–2025. The study finds that Government Regulation Number 55 of 2022 has not operationally replaced DER and that Article 42(1)(b) remains ambiguous because it refers to “business income” without clearly determining whether the denominator is an accounting- or tax-based earnings measure. DER also does not necessarily reflect a company’s earnings capacity. Comparative analysis indicates that ESR regimes are generally supported by de minimis thresholds, carryforward mechanisms, group-ratio tests, and sector-specific treatment. The issuer illustration confirms that DER and earnings-based ratios may lead to different assessments. Indonesia should therefore clarify the denominator, test sectoral distributions empirically, and design proportionate safeguards and exemptions before operationalising ESR.

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