KELOMPOK 7

Hafidz Al Faruqi
Samuel Ricardo
Ryan Nanda Putra Dipinto
Business Case

PT. Midnight Oil, Tbk (MOT) is a holding company listed at Indonesian Stock Exchange
with its 35% shares owned by public. MOT holds full control in oil and gas concession
right under PSC (Production Sharing Contractor) through 2 (two) subsidiaries namely
StarCastle Energy, Ltd (SCE) dan YES ExplorAction, Co. (YES). SCE is established in
Singapore whilst YES is British Virgin Island (BVIs) corporation. Both SCE and YES
own 50% participating interest in PSC and they are 100% owned by MOT.
Considering that PSCs are going to be in commercial production stage in next few
years, MOT is planning to restructure the group to gain the most tax efficient costs. For
this purpose, kindly prepare earning flow analysis from the PSCs to MOT as the
ultimate shareholder by taking into account the following assumptions:
PSCs are subject to Indonesian C&D tax of 44%;
Corporate tax in Singapore is 19% while BVI provides tax exemption;
No withholding tax is liable in Singapore and BVI on payment of dividend to overseas
entity;
Effective tax rate at MOT level? Is MOT suffering high tax cost?
What are your proposals to MOT for reducing tax cost?
Effective Tax Rate
Effective Tax Rate (Contd)

Dengan asumsi PSC mendapatkan taxable income 100, maka:

Earning before tax 100
Corporate tax (44)
Earning After tax 56

SCE, Ltd YES, Co

Dividen income 28 Dividen income 28
Tax (19%) (5,32) Tax (Exemption) 0
Earning after tax 22,68 Earning after tax 28
Effective Tax Rate (Contd)

Selanjutnya kedua perusahaan tersebut akan mengirimkan dividen

income seluruhnya ke PT MOT karena PT MOT merupakan kepemilikan
100%. Sehingga total dividen income yang diperoleh PT MM adalah 50,68.
Dividen income 50,68
Corporate tax (25%) (12,67)
Earning after tax 38,01
Dengan demikian, tarif pajak efektif yang berlaku adalah 100-38,01=
61,99%
Reducing Tax Cost

Pengurangan Tarif PPh Badan

Berdasarkan UU PPh pasal 17 ay. 2b, pemerintah mengakomodir pengurangan tarif
pajak sebesar 5% kepada perseroan terbuka dengan kepemilikan saham yang
diperjualbelikan di bursa efek sebesar 40% dari kepemilikan saham keseluruhan
perusahaan.
Dividend Income = 50,68
CorporateTax (20%) = 10,136
Earning After tax = 40,544
Effective Tax Rate = 100 40,544 = 59,456
 Pengelolaan PSC diberikan seluruhnya kepada YES,Co
YES Co menanggung beban pajak sebesar 0 atas
penghasilan dari PSC,hal ini mengingat adanya
pemberian exemption dari BVI.
PT MOT
MOT dapat memberikan 50% kepemilikanya melalui SCE
atas PSC tersebut kepada YES Co. Dengan pengelolaan
sepenuhnya dari YES Co. Maka struktur penerimaan
akan menjadi sebagai berikut:
PSC
Income Tax = 100 x 44% = 44
Income after tax = 100-44 YES Co
= 56

PT MOT
Income Tax = 56 x 25% = 14
Income after tax = 56-14 PSC
= 42
ETR = 100 42
= 58
 Pengelolaan PSC diberikan seluruhnya kepada YES,Co
YES Co menanggung beban pajak sebesar 0 atas
penghasilan dari PSC,hal ini mengingat adanya
pemberian exemption dari BVI.
PT MOT
MOT dapat memberikan 50% kepemilikanya melalui SCE
atas PSC tersebut kepada YES Co. Dengan pengelolaan
sepenuhnya dari YES Co. dan 40% dari saham MOT
merupakan kepemilikan publik, Maka struktur
penerimaan akan menjadi sebagai berikut:
PSC
Income Tax = 100 x 44% = 44 YES Co
Income after tax = 100-44
= 56

PT MOT
Income Tax = 56 x 20% = 11,2 PSC
Income after tax = 56-11,2
= 44,8
ETR = 100 44,8
= 55,2