Determinan Tarif Pajak Efektif pada Perusahaan Makanan dan Minuman yang Terdaftar di Bursa Efek Indonesia Periode 2022-2025

Abstract

Taxes remain a primary source of state revenue, yet makanan dan minuman companies often manage tax burdens through internal financial policies, which may be reflected in the Effective Tax Rate (ETR). Prior studies on the determinants of ETR remain inconsistent and have rarely examined Capital Structure (Debt to Equity Ratio), Profitability (Return on Assets), and Sales Growth simultaneously within the makanan dan minuman subsector, leaving a research gap that this study addresses. This study aims to examine the effect of these three variables on the Effective Tax Rate of makanan dan minuman subsector companies listed on the Indonesia Stock Exchange during the 2022-2025 period, using secondary data from 15 companies selected through purposive sampling and analyzed with panel data regression under the Fixed Effect Model (FEM). The results reveal that profitability has a negative and significant effect on the Effective Tax Rate, whereas Capital Structure and Sales Growth have no significant partial effect. Simultaneously, all independent variables together with firm-specific fixed effects significantly influence the Effective Tax Rate, although the model's explanatory power remains moderate. This study contributes empirical evidence on the internal financial determinants of tax avoidance behavior in Indonesia's makanan dan minuman sector, offering practical insights for corporate tax planning and tax policy formulation.