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"Secara umum, penelitian ini melakukan pembahasan mengenai perbandingan antara pendekatan interest to EBITDA ratio dengan debt to equity ratio dalam rangka menangkal skema thin capitalization ditinjau dari prinsip sufficiency dan productivity, faktor-faktor yang melatarbelakangi penerapan kebijakannya di Indonesia, serta potensi permasalahanpermasalahan yang dihadapi oleh otoritas perpajakan dalam penerapan pendekatan interest to EBITDA ratio sebagai kebijakan anti-thin capitalization di Indonesia. Pendekatan yang digunakan dalam penelitian ini adalah pendekatan kualitatif. Hasil penelitian menunjukkan bahwa ditinjau dari prinsip sufficiency dan productivity, baik pendekatan interest to EBITDA ratio dan debt to equity ratio memiliki kelebihan dan kelemahannya masing-masing. Terkait dengan penerapan kebijakan interest to EBITDA ratio di Indonesia, terdapat faktor-faktor yang melatarbelakangi penerapannya, yaitu (i) adanya rekomendasi dari OECD melalui BEPS action plan 4 yang merekomendasikan penggunaan pendekatan earning stripping rule, (ii) adanya tren global yang mengarah kepada penggunaan pendekatan earning stripping rule, dan (iii) pendekatan DER dinilai tidak cukup efektif dalam menangkal skema thin capitalization. Di samping itu, terdapat potensi permasalahan-permasalahan yang dihadapi oleh otoritas perpajakan dalam penerapan kebijakan interest to EBITDA ratio, yaitu (i) peningkatan cost of compliance di sisi wajib pajak dan cost of collection di sisi otoritas perpajakan, (ii) fluktuasi interest rate yang dapat menyebabkan pembebanan biaya bunga menjadi sulit untuk diprediksi, (iii) perbedaan interpretasi dalam memaknai prinsip substance over form yang berpotensi memunculkan sengketa, serta (iv) perbedaan konsep dalam penentuan nilai EBITDA yang digunakan sebagai basis perhitungan.

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Basically, this research carried out discussion regarding the comparison between the interest to EBITDA ratio approach and the debt to equity ratio approach in order to counteract thin capitalization schemes in terms of sufficiency and productivity principle, the factors behind the policy application in Indonesia, as well as the potential problems faced by the tax authorities in the policy implementation. The approach used in this study is a qualitative approach. Meanwhile, the results of the study show that in terms of the sufficiency and productivity principles, both of these policy have their respective advantages and disadvantages. Regarding interest to EBITDA ratio policy in Indonesia, it can be known that there are factors behind its implementation, namely (i) the recommendation from the OECD through BEPS action plan 4 which recommends the use of the earning stripping rule approach, (ii) there is a global trend that leads to the use of the earning approach stripping rule, and also (iii) the DER approach is considered not effective enough in counteracting thin capitalization schemes. Furthermore, the potential problems faced by the tax authorities related to the implementation are (i) increased cost of compliance and cost of collection, (ii) fluctuation in interest rates which can cause the interest become unpredictable, (iii) different interpretations in understanding the principle of substance over form, which has the potential to cause disputes, and also (iv) the different concepts in determining the value of EBITDA which is used as a basis of interest to EBITDA ratio calculation."

"Saat ini Indonesia menerapkan dua metode kebijakan pembatasan biaya bunga. Pertama, metode DER yang diatur dalam PMK 169/2015, Kedua, metode ESR yang diperkenalkan melalui amandemen Pasal 18 ayat (1) UU PPh s.t.d.t.d. UU HPP. Penelitian ini bertujuan untuk menganalisis penerapan dari metode DER dan metode ESR berserta peluang dan tantangan dalam rencana implementasinya. Penelitian ini menggunakan pendekatan kualitatif, serta menggunakan teknik pengumpulan data berupa studi lapangan dan studi kepustakaan. Penelitian ini memiliki dua temuan utama. Pertama, selain aturan rasio pada metode DER, terdapat ketentuan tambahan sebagai penyempurna kebijakan seperti pengecualian industri tertentu, cakupan serta definisi utang dan modal, serta aturan penggunaan saldo rata-rata bagi keduanya. Adapun metode DER diterapkan untuk mencegah preferensi pelaku usaha di Indonesia dalam menggunakan pembiayaan melalui pinjaman, terutama sumber utang luar negeri. Pada metode ESR, selain aturan fixed ratio interest-to- EBITDA, terdapat beberapa ketentuan tambahan sebagai penyempurna kebijakan termasuk rasio grup, carry forward dan/atau carry back, de minimis threshold, serta ketentuan spesifik untuk industri tertentu. Sebagai catatan. metode ESR dianggap sebagai metode yang lebih efektif dalam memitigasi skema penghindaran pajak melalui konsolidasi laba rugi grup perusahaan dibandingkan dengan metode DER. Kedua terdapat tiga peluang dalam rencana implementasi penerapan kebijakan ESR. Pertama, Indonesia akan memiliki kebijakan yang dapat memitigasi skema pajak melalui konsolidasi laba rugi grup perusahaan. Kedua, kebijakan ESR dapat dianggap lebih mengakomodasi motif keadilan. Ketiga, Indonesia berpeluang memiliki kebijakan yang cenderung rendah pada biaya kepatuhan akibat dari adanya de minimis rule. Selain itu, terdapat dua tantangan yang dapat yang berpotensi timbul sehubungan dengan rencana implementasi penerapan kebijakan ESR. Pertama, adanya isu volatilitas pada laporan keuangan perusahaan yang dapat mempengaruhi nilai EBITDA. Kedua, adanya tantangan dalam perumusan aturan spesifik dalam industri tertentu akibat setiap sektor industri memiliki dinamika operasional dan struktur keuangan yang berbeda.

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Indonesia currently applies two methods of interest expense limitation policy. First, the DER method regulated in PMK 169/2015, Second, the ESR method introduced through the amendment of Article 18 paragraph (1) of the UU PPh s.t.t.d. UU HPP. This study purposes to analyze the application of the DER method and the ESR method along with the opportunities and challenges in the implementation plan. This research uses a qualitative approach, and uses data collection techniques in the form of field studies and literature studies. This research has two main findings. First, in addition to the ratio rules in the DER method, there are additional provisions as policy enhancements such as the exclusion of certain industries, the scope and definition of debt and capital, and the rules for using average balance for both. The DER method is applied to prevent the preference of Indonesia's businesses in using financing through loans, especially foreign debt sources. In the ESR method, in addition to the fixed interest-to-EBITDA ratio rule, there are several additional provisions as policy enhancements including group ratio, carry forward and/or carry back, de minimis threshold, and specific provisions for certain industries. For the record, the ESR method is considered a more effective method in mitigating tax avoidance schemes through consolidation of group companies' profit and loss compared to the DER method. Second, there are three opportunities in the implementation plan of the ESR policy implementation. First, Indonesia will have a policy that can mitigate tax schemes through consolidation of group companies' profit and loss. Second, the ESR policy can be considered as more accommodating to the fairness motive. Third, Indonesia is likely to have a policy that tends to be low on compliance costs due to the de minimis rule. In addition, there are two challenges that could potentially arise in connection with the implementation plan of the ESR policy. First, there is the issue of volatility in the company's financial statements that can affect the value of EBITDA. Second, there are challenges in formulating specific rules in certain industries due to each industry sector having different operational dynamics and financial structures."