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"Monetary sector especially banking constitutes a sector which at most getting some facilities from the government referring to the economic crisis impact. These facilities include aid of liquidity from the central bank (BLBI), transfer of credit stuck, fund of recapitalization, revaluation of assets and permit for quasi reorganization. Bank X uses additional paid in capital coming from recapitalization fund for deficit elimination through quasi reorganization. Actually this method is aimed by bank at distributing earnings. The Bank wants to release from the failure of managing bank at the past which is it can be seen from the deficit by vanishing it. From the taxation prospective, the bank always makes any effort to carry over her fiscal lost despite the lost commercial has been eliminated. They can set and adjust the tax regulation to accommodate its interest for example the tax regulation about The Use of Book Value for Corporate Restructuring Transaction. Revaluation of assets and quasi reorganization are used to compensate her profit against loss and then the remaining profit may be distributed without taxable before. From the accounting aspect, the Bank X only eliminates the deficit to additional paid in capital account because it doesn?t follow the accounting procedure for quasi reorganization. The Bank X doesn?t revalue its assets to the fair value at the date of quasi reorganization by the way the value of retained earnings account do not become zero. The Bank X doesn?t have significant impairment of its assets so that it doesn?t have any reason for quasi reorganization. Another principle for quasi reorganization that the firm after quasi reorganization start from newly are not fulfilled by Bank X because there are still profit balance expressing management interest. From the business aspect, quasi reorganization doesn?t have significant effect to Bank X performance. Performance and healthy of Bank X measured with financial and CAR rasio does not effected by deficit amount. The study was taken by analyzing and comparing the implementation of quasi reorganization at the Bank X with the rules and theory thereof. This study was also taken by interviewing a couple of people who have competence. The important finding of this analysis is that the Bank X may release from mistakes of past management by engineering her deficit elimination and also the Bank X can enjoy as maximum its earnings through fiscal loss compensation. Pursuant to that finding, there is required to be conducted the observation of applying of quasi reorganization according to accounting standard and there is required the clearer taxation and accounting regulation to be made so that quasi reorganization can not be used solely to divide profit."

"Dalam tesis ini, penulis melakukan analisis penggunaan instrument keuangan dan transaksi hybrid sebagai bagian dari strategi pembiayaan lintas negara dan perlakuan perpajakan yang mempengaruhinya. Dengan semakin meningkatnya globalisasi arus modal perkembangan produk-produk keuangan dan pilihan lokasi sebagai sumber pembiayaan, perusahaan dapat melakukan serangkaian transaksi dan penerbitan instrument hybrid lintas negara yang menimbulkan perlakuan perpajakan yang berbeda antar negara tetkait karakter, saat dan sumber penghasilan yang pada akhimya memunculkan timbulnya pengenaan pajak berganda dan tidak adanya pemajakan di kedua negara. Kondisi tersebut juga memberikan kesempatan bagi Wajib Pajak untuk melakukan cross-border tax arbitrage sebagai bentuk perencanaan pajak intenasional untuk memanfaatkan perbedaan perlakuan perpajakan antara negara. Kami menyimpulkan bahwa dengan tidak adanya General Anti Avoidance Rules (GAAR) dan fukus puda Specific Anti Avoidance Rules (SAAR) di Indonesia, Wajib Pajak dapat menyusun struktur instrumen keuangan dan transaksi hybrid dengan pihak-pihak yang memiliki hubungan istimewa ataupun tidak untuk tujuan semata-mata meminimalkan pembayaran pajak di lndonesia. Thin capitalization rule dan Controlled Foreign Corporation Rule tidak akan mencapai tujuan yang diharapkan terlcait dengan fleksibilitas transaksi dan instrumen keuangan hybrid. Akhirnya, kami menyarankan kepada Pemerintah Indonesia untuk mernmusbn definisi hutang dan ekuitas untuk tujuan pajak dan menerapkan GAAR baik secam eksplisit dalam rumusan undang-undang perpajakan domestik maupun dikembangkan olen pengadilan pajak dengan pendekatan perposlve interpretation dan tidak hanya mendasarkan pada SAAR untuk mencegah abusive tax planning.

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In this study, we analyze the use of hybrid financial instrument and hybrid transaction as part of cross border financing strategy and the taxation treatment which influences on such instruments or transactions. With regard to the increasing globalization the capitaJ flow. the development or financing products and the choice of location as the financing center, companies can conduct series of transaction and issue financial instruments that pose different tax treatment among countries due to the type or character, time and source of income. The differences can create double taxation and double non taxation fur hybrid cross border financing and transaction. Such conditions also enable the tax payers to have opportunity in conducting cross-border tax arbitrage as international tax planning to take the advantage of differences in income tax rules between countries. We conclude that the absence of General Anti Avoidance Rules (GAAR) and focus on Specific Anti Avoidance Rules (SAAR) in Indonesia, taxpayers can structure their transactions whether with related parties or not solely to minimize tax liability through hybrid cross border financing. Thin capitalization rule and Controlled Foreign Corporation Rule may not achieve their intended objectives due to flexibility of hybrid financial instrument and hybrid transactions. To counter tax planning that leads to unacceptable loss of tax revenue or abusive tax planning through cross border hybrid financing, we propose to Government of Indonesia to develop the debt and equity provision and to implement GAAR whether in statutory rule under Income Tax Acts or Tax Court to implement Judicial Anti Avoidance Doctrine with purposive interpretation and not only rely on SAAR to prevent the abusive tax planning."

"ABSTRAKPersaingan yang tinggi dengan perusahaan dalam industri yang samamenyebabkan perusahaan harus mampu mencari peluang yang memungkinkanuntuk meminimalkan biaya dari penerapan strategi bisnis yang dijalankan.Restrukturisasi tidak lepas dari adanya perubahan strategi yang pada hakekatnyaingin memperbaiki performa organisasi, disamping adanya pengaruh strukturkeuangan yang membebankan perusahaan. Dalam kaitan ini, melalui kebijakanperpajakan, pemerintah telah memberikan kemudahan (fasilitas) perpajakan bagiWajib Pajak dalam melakukan kegiatan restrukturisasi.Pihak manajemen MMI mempunyai strategi berupa penggabungan usahaatau likuidasi usaha. Manajemen perusahaan berusaha untuk memilih strategiyang memberikan beban pajak yang paling efisien sebagai salah satu biaya yangdikeluarkan, dengan memanfaatkan fasilitas perpajakan tersebut.Metode penelitian yang dilakukan didasarkan pada metode deskriptifanalisis, dengan melalui studi pustaka dan analisis atas kebijakan perpajakan,disandingkan dengan data keuangan dari MMI.Berdasarkan analisis yang telah dilakukan dapat disimpulkan bahwaperusahaan bisa menggunakan Peraturan Menteri Keuangan Nomor43/PMK.03/2008 untuk penggabungan usaha menggunakan nilai buku sehinggaperusahaan dapat terhindar dari adanya pajak penghasilan capital gain atas hartaperusahaan yang dialihkan dalam kegiatan restrukturisasi. Selain itu terdapat jugaPeraturan Menteri Keuangan Nomor 91/PMK.03/2006 untuk mengurangi BeaPerolehan Hak Atas Tanah dan/atau Bangunan hingga mencapai 75%.

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ABSTRACTHigh competition with companies in the same industry led to the companyto be able to look for opportunities that allow minimizing the cost ofimplementation of a business strategy. Restructuring cannot be separated from achange in strategy that is intrinsically targeted to improve the performance of theorganization, in addition to the burden effect caused by the company's financialstructure. In this regard, through a tax policy, the government has provided a taxfacility for taxpayers in restructuring activities.MMI?s management has strategic options to apply merger or liquidationstrategy. The management is trying to choose the propriate strategy that gives themost efficient tax burden by utilizing the tax facility.The research method performed based on the descriptive method ofanalysis, the literature study and analysis of tax policy and coupled with financialdata from the MMI, GII, IR and SSK.Based on the analysis it can be concluded that the Minister of FinanceRegulation Number 43/PMK.03/2008 for business combinations is applicable byusing the book value so the company can be prevented from the income tax dueon capital gain on assets transferred. In addition, there is also the Minister ofFinance Regulation Number 91/PMK.03/2006 to reduce Levy on Acquisition ofLand and/or Buildings up to 75 %."

"Penelitian ini menganalisis pengaruh pembayaran dividen dan pembelian kembali saham beredar terhadap preferensi investor institusi dan investor individu ditinjau berdasarkan aspek perpajakan. Penelitian ini juga menganalisis dugaan adanya perbedaan kepemilikan individu sebelum dan sesudah penurunan tarif pajak dividen untuk investor individu di tahun 2009.Metode yang digunakan dalam penelitian ini adalah permodelan regresi dan uji beda. Permodelan regresi dilakukan untuk melihat pengaruh pembayaran dividen dan stock repurchases terhadap preferensi dari kepemilikan institusional dan kepemilikan individual. Uji beda dilakukan untuk melihat adanya perbedaan kepemilikan individual terkait adanya penurunan pajak di tahun 2009.Pada penelitian ini ditemukan investor institusi lebih menyukai stock repurchases karena diuntungkan dari segi perpajakan. Namun investor individu lebih menyukai pembayaran dividen walaupun dari segi perpajakan kurang diuntungkan. Ditemukan juga adanya kenaikan pada kepemilikan individual setelah tarif pajak diturunkan.

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This study examines the effects of dividends and stock repurchases on preferences of institutional investors and individual investors reviewed based on tax aspect. This study also analyzes the alleged differences of individual ownership before and after the decrease in dividend tax rates for individual investors in 2009.

The method used in this study are modeling regression and different t-test. Regression modeling is done to see the effect of dividend payments and stock repurchases on the preferences of institutional ownership and individual ownership. Different test is done to see any differences related to the existence of individual dividend tax reduction in 2009.

This study finds that institutional investors prefer stock repurchases since benefited in terms of taxation. But individual investors prefer dividend payments although in terms of taxation, it is not beneficial for them. This study also finds an increase in individual ownership after the tax rate is lowered."