THE EFFECT OF RETURN ON ASSET, LEVERAGE, CAPITAL

INTENSITY AND CURRENT RATIO ON TAX AVOIDANCE

Yudha Yoga Pratama

Abstract

This research aims to determine the effect of return on assets,

leverage, capital intensity, and current ratio on tax avoidance in
mining companies listed on the Indonesia Stock Exchange for the
2020-2022 period. This research is causal research. The sample
in this research was obtained using a purposive sampling method,
through predetermined conditions. Based on this method, there
were 50 mining sector companies listed on the Indonesia Stock
Exchange for the 2020-2022 period. The analytical method used
is multiple linear regression analysis. The results of this research
are that return on assets has a positive effect on tax avoidance.
Meanwhile, leverage, capital intensity and current assets have no
effect on tax avoidance.

Keywords: Tax Avoidance, Returns On Assets, Leverage, Capital Intensity, and Current Ratio.

1. Introduction

Taxes have an important role in the country's economy. Tax is a source of state income
and is obtained through individual taxpayers and corporate taxpayers, is coercive, and is
collected based on applicable legal regulations. Based on data obtained from the Central
Statistics Agency, it appears that taxes make the largest contribution to the APBN, this
proves that taxes are an important part of the country, so the government is trying to
increase revenue from taxes. However, as a result of the coercive nature of taxes and a
burden on taxpayers, the view on taxes causes taxpayers to always try to reduce the amount
of tax payable that must be paid off and in achieving this ambition it is very vulnerable to
fraud, such as tax irregularities.

The government and taxpayers have different views on taxation. For the government, taxes can be
used as a source of government financing and increasing tax revenues. For taxpayers, taxes are a burden
that can reduce income. For corporate taxpayers, tax is a burden that can reduce profits in the company,
so that both individual taxpayers and corporate taxpayers make efforts to carry out tax avoidance.
(Murkana & Putra, 2015)

According to PricewaterhouseCoopers (PwC), only 30% of the 40 Large Mining Companies have
adopted tax transparency reporting while for the rest, their tax reports are not yet transparent.
 Based on Tax Justice Network report, it is explained that Indonesia experienced losses of around IDR
68.7 trillion due to tax avoidance. Losses amounting to IDR 68.7 trillion occurred as a result of
companies in Indonesia being suspected of tax avoidance while the rest came from individual taxpayers.
This data explains that Indonesia is ranked fourth by The State of Tax Justice after China, India and
Japan in cases of domestic tax avoidance. (Yeni Christian & Poniman, 2023)

One case of tax avoidance is the case of PT. Adaro carries out Transfer Pricing with its subsidiary,
namely Coal trade Services International Pte, Ltd which is located in Singapore. This is done by selling
coal at low prices to Coaltrade Services International, then reselling it at high prices to other countries. In
addition, bonuses amounting to US$ 55 million were provided by third parties and Adaro subsidiaries
were recorded by Coaltrade. The bookkeeping carried out aims to minimize PT taxes. Adaro, because the
tax rate in Singapore is 17% lower than in Indonesia. (tribunsumbar, 2022).

The measurement of tax avoidance in this research is in accordance with Jamei (2017) which uses the
tax rate determined by the applicable regulations (Statutory Tax Rate). In Indonesia, according to Law
Number 36 of 2008, the corporate income tax rate is 25% until 2019 and 22% for 2020. The effective tax
rate is a profit and loss statement-based measurement used to measure the effectiveness of tax deductions
made by companies leading to high after-tax profits. The measurement of the effective tax rate is by
dividing the income tax burden by profit before tax (Jamei, 2017).

Return On Asset is used to measure company performance in using company assets to generate
profits. If the value of the return on assets is high, then the company generates high profits and the
company will be subject to large amounts of tax, so companies tend to carry out tax avoidance to
minimize the tax burden.

Leverage is a representation of company's ability to meet short-term and long-term debt or

obligations. Leverage reflects how much of the company's funding comes from debt. The company can
use this debt to fulfill company operations or investments. Companies that use debt will incur additional
costs on the loan or debt, namely interest expenses. High corporate debt gives rise to high interest
expenses. Interest on loans is a deductible expense so it can cause taxable profits to decrease. Reducing
fiscal profits will reduce the amount of tax payments. (Christili Tanjaya & Nazmel Nazir, 2021).

Capital intensity is a representation of a company investing its assets in the form of fixed assets and
inventory. This research uses the capital intensity method with the fixed asset intensity ratio. The asset
intensity ratio is the ratio between fixed assets and total assets to calculate capital intensity. Capital
intensity allows companies to reduce tax costs through depreciation of fixed assets. Depreciation can be
deducted as a deductible expense when calculating a company's taxable profit (Delgado & KG Mills,
2020).

The current ratio is one part of the liquidity ratio. According to Kasmir (2016), the current ratio or
current ratio is a ratio used to measure a company's ability to pay short-term obligations or debts that are
due when they are collected in full. If the company has a high liquidity ratio, then the company's finances
are in good condition, however, when the company's liquidity level is low, the company's finances are
not in good condition so the company tends to maintain its cash flow and has the potential to take tax
avoidance actions.

Based on this background, research was conducted on the effect of return on asset, leverage, capital
intensity, and current ratio on the potential of tax avoidance.

2. Literature Review

Agency Theory

An agency relationship is an agreement through one or more people (as principals) involving other
people (as agents) to perform several services on their behalf, which involves some power in decision
making over other people (as agents).

Agency theory is a concept that describes the relationship between principal and agent. The principal
contracts the agent to work for the interests and goals of the principal, so that the principal can give
decision authority to the agent to achieve these goals.

In agency theory it is assumed that all individuals will act and act to improve their own benefit.
Managers will act to improve their own welfare by carrying out opportunistic actions. This opportunistic
action is carried out by managers by maximizing company profits in order to get the maximum reward
for their performance in running the company. The actions taken by managers can lead to tax avoidance
practices.

Tax Avoidance

The measurement of tax avoidance in this research is in accordance with Jamei (2017) which uses the
tax rate determined by the applicable regulations (Statutory Tax Rate) minus the Effective Tax Rate
(ETR), as in the following formula:

Tax Avoidance=Statutory Tax Rate ( STR )−Effective Tax Rate ( ETR )

Beban Pajak Penghasilan

Effective Tax Rate=
Laba Sebelum Pajak

Return On Asset

The Measurement of return on assets in this research uses a formula model for dividing net profit after tax
and total assets. This formula is used to see the company's performance because the higher the ROA ratio, the
better the company's performance in generating net profit. There is a possibility that the company will take tax
avoidance actions to minimize tax payments. The formula used is:

Leverage

This research uses the debt-to-equity ratio as the unit of measurement, the DER formula is used
because the lower the DER ratio, the higher the company's ability to fulfill all its obligations. The
formula used is:

Capital Intensity

The ratio used to measure capital intensity in this research is fixed assets total assets, which reflects
the proportion of fixed assets to total assets acquired by the company. Therefore, the higher the capital
intensity, the greater the amount of depreciation expense, resulting in a lower tax burden. In this research,
the following formula was used:

Current Ratio

In this research, liquidity is measured using the Current Ratio, this formula is used to see the
company's ability to pay its short-term debt. The higher the current ratio, the stronger the company's
financial position. The formula used is as follows:
 Current Assets
Current Ratio=
Current Liability

Prior Research

Darsani & Sukartha (2021) researched the influence of institutional ownership, profitability (ROA),
leverage (DER), and capital intensity on tax avoidance. The research object was banking companies
listed on the IDX for the 2015-2019 period. This research uses multiple linear regression analysis. The
research results show that profitability and capital intensity have a positive effect on tax avoidance, while
leverage has no effect on tax avoidance.

Anasta (2021) researched the influence of sales growth, profitability and capital intensity on tax
avoidance. The research object is manufacturing companies in the consumer goods and industrial sector
listed on the Indonesia Stock Exchange for the 2020-2022 period. This research uses panel data
regression analysis. The results of this research show that profitability and capital intensity have an effect
on tax avoidance, while sales growth has no effect on tax avoidance.

Jamaludin (2020) researched the influence of profitability (ROA), leverage (LTDER) and fixed asset
intensity on tax avoidance. The research object is food and beverage subsector companies listed on the
IDX for the 2015-2017 period. This research uses panel data regression analysis. The research results
show that profitability has a negative and insignificant effect on tax avoidance, while leverage and fixed
asset intensity have no effect on tax avoidance.

Widyastutia & Meutia (2022) researched The Impact of Leverage, profitability, Capital Intensity, and
Corporate Governance on Tax Avoidance. The research object is consumer goods manufacturing sub-
sector companies listed on the IDX for the 2015-2019 period. This research uses a multiple linear
regression method. The research results show that Profitability, Leverage, Corporate Governance, and
Capital Intensity show a positive influence on tax avoidance.

Dirman & Utami (2023) researched The Role of Profitability, Company Size, Corporate Social
Responsibility, and Inventory Intensity on Potential Tax Avoidance. The research object is companies
registered on the IDX for the 2018-2022 period. This research uses linear regression analysis. The
research results show that company size, corporate social responsibility, and inventory intensity have no
influence on tax avoidance, while profitability influences tax avoidance.

Hypothesis

Based on the problem formulation, theoretical studies, and framework previously explained, the
hypothesis proposed by the author in this research is as follows:

H1: Return on Assets has a positive effect on tax avoidance.

H2: Leverage has a negative effect on tax avoidance

H3: Capital Intensity has a negative effect on tax avoidance

H4: Current Ratio has a negative effect on tax avoidance.

Population and Research Sample

Sugiyono (2014) states that population is a generalized area consisting of objects and subjects that
have certain qualities and characteristics that are determined to be studied and then conclusions drawn.
The population in this research are mining companies listed on the IDX in the 2020-2022 research period

The sample is part or representative of the population to be studied. In this research, the sample was
selected using the purposive sampling method, namely a sample determination technique with certain
conditions. Purposive sampling is more appropriate for researchers to use if research requires provisions
so that the samples taken are in accordance with the research objectives to solve research problems and
can provide more representative values (Sugiyono, 2014). The criteria used to select samples in this
study were:

 Mining companies listed on the IDX in 2022

 Mining companies that had IPO during the research period.
 Mining companies that were active during the research period.

No. Kriteria Jumlah

Mining companies listed on the Indonesian Stock
1 54
Exchange in 2022
Mining companies that had just IPOed during the research
2 (4)
period.

3 Mining companies delisted from the IDX (0)

Total Sample 50
Year of Research 3
Total Data 150

3. Results

Descriptive Statistical Analysis Test

Statistik Deskriptif
N Minimum Maximum Mean Std. Deviation
Tax Avoidance 150 -3.4527 6.3760 .055691 .7163649
ROA 150 -.7329 .7627 .052495 .1923489
Leverage 150 -7.5443 8.4535 .990242 1.9914959
Capital Intensity 150 .0000 .9069 .356928 .2812300
Current Ratio 150 .0126 14.1984 2.027119 2.1940756
Valid N (listwise) 150

From the data presented, it can be seen that the minimum tax avoidance value is -3.4527 from Atlas
Resources Tbk. For maximum tax avoidance results of 6.3760 from Darma Henwa Tbk. The average
value obtained from 150 samples shows a value of 0.55691 with a standard deviation value of
0.7163649.

The minimum return on assets value is -0.7329 from Ratu Prabu Energi Tbk. For the maximum return
on assets of 0.7627 from Baramulti Suksessaran Tbk. The average results obtained from 150 samples
show a value of 0.052495 with a standard deviation value of 0.1923489.

The minimum leverage value is -7.5443 from Ratu Prabu Energi Tbk. For maximum leverage results
of 8.4535 from Atlas Resources Tbk. The average results obtained from 150 samples show a value of
0.990242 with a standard deviation value of 1.9914959.

The minimum capital intensity value of 0,000 from Energi Mega Persada Tbk. For maximum capital
intensity results of 0.9069 from Capitol Nusantara Indonesia Tbk. The average results obtained from 150
samples show a value of 0.356928 with a standard deviation value of 0.2812300.
 The minimum current ratio value is 0.0126 from Ratu Prabu Energi Tbk. For maximum results, the
current ratio is 14.1984 from Perdana Karya Perkasa Tbk. The average results obtained from 150
samples show a value of 2.027119 with a standard deviation value of 2.1940756.

Classic Assumption Test

Normality Test
From the results of the normality test that has been carried out , as follows:
One-Sample Kolmogorov-Smirnov Test
Unstandardize
d Residual
N 150
a,b
Normal Parameters Mean .0000000
Std. Deviation .70807365
Most Extreme Differences Absolute .284
Positive .284
Negative -.216
Kolmogorov-Smirnov Z 3.893
c
Asymp. Sig. (2-tailed) .000

Based on the data shown above, the results show sig. which is not normal with a value less than <
0.05 so that the researcher carries out an outlier test to find out data that is extremely deviant. The outlier
test will produce data that is included in the outliers.

After carrying out the outlier test, 20 data were released so that the total sample data in this study
became 130 data from the previous 150 data.

One-Sample Kolmogorov-Smirnov Test

Unstandardized
Residual
N 130
a,b
Normal Parameters Mean 0
Std. Deviation .20420148
Most Extreme Differences Absolute .178
Positive .178
Negative -.116
Kolmogorov-Smirnov Z 1.329
c
Asymp. Sig. (2-tailed) .068
 The results of the normality test after carrying out the outlier test can be seen in following table
showing the sig value. of 0.068 and greater than 0.05 so the data can be said to be normal.

Multicollinearity Test

From the result of Multicollinearity Test that has been carried out, as follows:
Coefficientsa
Unstandardized Standardized
Coefficients Coefficients Collinearity Statistics
Model B Std. Error Beta t Sig. Tolerance VIF
1 (Constant) .142 .032 4.904 .000
ROA .488 .140 .292 3.484 .001 .854 1.071
Leverage .008 .006 .118 1.334 .184 .983 1.017
Capital .068 .042 .027 1.295 .122 .828 1.008
Intensity
Current Ratio .015 .015 .089 1.016 .311 .937 1.067

Based on the results of the multicollinearity test, the tolerance value calculation shows a value > 0.10
and the VIF value shows a value < 10. It can be concluded that multicollinearity does not occur.

Heterocedasticity Test

From the result of heterocedasticity test that has been carried out, as follows:
Coefficientsa
Standardized
Unstandardized Coefficients Coefficients
Model B Std. Error Beta t Sig.
1 (Constant) .143 .021 4.963 .000
ROA -.080 .093 -.083 1.273 .205
Leverage .017 .004 .153 .638 .325
Capital Intensity .091 .097 .026 1.400 .164
Current Ratio .009 .015 .092 .908 .306

Based on the results of the heteroscedasticity test, it shows that the sig. for each independent variable
the value is greater than 0.05 so that there is no significant influence between variables with the absolute
value of the residual variable so it can be concluded that heteroscedasticity does not occur

Autocorrelation Test
From the result of autocorrelation test that has been carried out, as follows:
Runs Test
 Unstandardized Residual
a
Test Value .00538
Cases < Test Value 62
Cases >= Test Value 63
Total Cases 130
Number of Runs 65
Z .475
Asymp. Sig. (2-tailed) .140

Based on the results of the autocorrelation test, the sig. value is greater than 0.05 (0.140 > 0.05) so it
can be concluded that there is no autocorrelation.

Hypothesis Test

Determination Coefficient Test

The result of the determination coefficient test that has been carried out, as folllows:

Model Summaryb
Adjusted R Std. Error of the
Model R R Square Square Estimate
1 .366a .230 .174 .2077724
a. Predictors: (Constant), Current Ratio, Leverage, ROA, Capital
Intensity
b. Dependent Variable: Penghindaran Pajak

Based on the results of the coefficient of determination test, the R Square value is 0.230 or 23%. This
shows that ROA, leverage, capital intensity and current ratio explain variations in tax avoidance by 23%
and the other 77% is influenced by other variables not examined in this research.

F Test

The result of the F test that has been carried out, as follows:
ANOVAa
Model Sum of Squares df Mean Square F Sig.
1 Regression 1.760 4 .440 4.854 .002b
Residual 74.704 125 .515
Total 76.464 129

Based on the F test results in table 4.8, the comparison between Fcount and Ftable is shown as
follows:

df1 = 4 Ftable = 2.44

 df2 = 130 – 4 = 126

From this calculation it can be seen that the Fcount value of 4,854 is greater than the F table value of
2,440 and the sig value of 0.002 is smaller than 0.05. This means the model test is fit for use in research.

T Test

The result of the T test that has been carried out, as follows:
Coefficientsa
Standardized
Unstandardized Coefficients Coefficients
Model B Std. Error Beta t Sig.
1 (Constant) .101 .112 .904 .000
ROA .418 .331 .292 3.264 .002
Leverage .029 .030 .081 1.574 .332
Capital Intensity .068 .230 .027 1.295 .768
Current Ratio .019 .028 .029 1.339 .735

Based on the results, sig. has a value of 0.002 and is smaller than 0.05 (significant) and the T value is
3.264 and is greater than T table value of 1.65714, so that return on assets has a significant effect on tax
avoidance and H1 is accepted.

Based on the result, sig has a value of 0.332 and is greater than 0.05 (not significant) and the T value
is 1.574 and is smaller than T table value of 1.65714, so leverage does not have a significant effect on tax
avoidance and H2 is rejected.

Based on the results, sig has a value of 0.768 and greater than 0.05 (not significant)

and the T value is 1.274 and is smaller than T table value of 1.65714, so capital intensity does not have a
significant effect on tax avoidance and H3 is rejected.

Based on the results, sig has a value of 0.735 and is greater than 0.05 (not significant) and the T value
is 1.339 and is smaller than Ttable value of 1.65714, so the current ratio does not have a significant effect
on tax avoidance and H4 is rejected.

Multiple Regression Analysis Test

The result of the multiple analysis test that has been carried out, as follows:

Coefficientsa
Standardized
Unstandardized Coefficients Coefficients
Model B Std. Error Beta t Sig.
1 (Constant) .101 .112 .904 .000
ROA .418 .331 .292 3.264 .002
Leverage .029 .030 .081 1.574 .332
Capital Intensity .068 .230 .027 1.295 .768
Current Ratio .009 .028 .029 1.339 .735

Based on the table of multiple linear regression test results, the regression equation is obtained as
follows:

TAV = 0.101α+ 0.418β1ROA + 0.029β2DER + 0.068β3CI + 0.009β4CR + e

From the results of this equation it can be explained that:

1. The constant regression value of 0.101 indicates that if ROA, leverage, capital intensity and current ratio
are 0, then the tax avoidance value is 0.101

2. The ROA regression value is 0.418, indicating that every 1% increase in return on assets will increase
the tax avoidance value by 0.418

3. The leverage regression value of 0.029 indicates that every 1% increase in leverage will increase the tax
avoidance value by 0.029

4. The capital intensity regression value of 0.068 indicates that every 1% increase in capital intensity will
increase the tax avoidance value by 0.068

5. The current ratio regression value is 0.009, indicating that every 1% increase in the current ratio will
increase the tax avoidance value by 0.009

4. Discussion

1) The effect of Return on Asset on tax avoidance

From the results of the tests that have been carried out, it is known that return on assets has a positive
influence on tax avoidance. This shows that the higher the return on assets value, the higher the possibility of the
company committing tax avoidance. This occurs as a result of the profits generated by the company which are
the basis for imposing income tax. The higher the company's profits, the higher the tax burden that the company
must pay and this will cause a decrease in company profits so that companies will try to avoid taxes to reduce
the tax burden.

2) The effect of Leverage on tax avoidance

From the results of the tests that have been carried out, it is known that leverage has no effect on tax
avoidance. It is known that the higher the leverage value, the higher the interest burden borne by the company as
a result of using funds through third or external parties. Companies can use debt to meet operational costs and
company stability, apart from that, company credibility is also an important value for creditors and companies in
debt agreements and low interest rates related to the company's debt costs.

3) The effect of Capital Intensity on tax avoidance

From the results of the tests that have been carried out, it is known that capital intensity has no effect on tax
avoidance. Capital intensity is the amount of investment in fixed assets. Companies use fixed assets to support
and improve the company's operational activities, generally in mining companies where these companies have
high levels

of fixed assets. Companies with high fixed assets can utilize fixed assets to obtain large amounts of income and
large income results in a high tax burden.

4) The effect of Current Ratio on tax avoidance:

From the results of the tests that have been carried out, it is known that the current ratio has no effect on tax
avoidance. Companies will tend to maintain the current ratio to a certain level to attract investors or enter into
debt agreements. With the Company's tendency to maintain the current ratio level, there is no influence on tax
avoidance.
 5. Conclusions and Sugestions

Based on the results of the analysis and disccussion described before, the conclucsions of this research are as
follows:
1. Profitability proxied by ROA has a positive effect on tax avoidance
2. Leverage has no effect on tax avoidance
3. Capital Intensity has no effect on tax avoidance
4. Liquidity proxied by Current Ratio has no effect on tax avoidance

Suggestions

In the research that has been done, there are still some limitations. Based on the results of the
conclusions, suggestions that can be given include:
1. For future researchers, it would be better to look for other factors that influence taxpayers to
commit tax avoidance and increase the research period and object so that they can produce
better research.

2. Companies are expected to pay attention to factors that can lead to potential tax avoidance, so as
to create opportunities for companies to minimize tax payments.

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