Analisis Pertumbuhan Investor Ritel pada Masa Pandemi dan Implikasi Pajak Penghasilan Final atas Penjualan Saham di Bursa

Lubis, Muhammad Hammam Rafati (2022) Analisis Pertumbuhan Investor Ritel pada Masa Pandemi dan Implikasi Pajak Penghasilan Final atas Penjualan Saham di Bursa. KTTA thesis, Politeknik Keuangan Negara STAN.

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Abstract

Pandemi Covid-19 memiliki efek domino pada perekonomian dan pasar saham Indonesia. Namun, di tengah lesunya perekonomian, terjadi peningkatan signifikan jumlah investor ritel saham di Bursa Efek Indonesia. Tujuan penulisan karya tulis tugas akhir ini adalah untuk menganalisis karakteristik dan tingkat kepatuhan pajak investor ritel yang memutuskan berinvestasi saham pada masa pandemi, serta mengetahui dampak penerimaan pajak penghasilan final atas penjualan saham pada masa pandemi. Metode penelitian yang digunakan adalah metode kualitatif. Penelitian dilakukan menggunakan data primer dan data sekunder. Data primer yang digunakan berupa data kuesioner terbuka terhadap 120 investor ritel. Adapun data sekunder yang digunakan adalah data penerimaan pajak penghasilan final atas penjualan saham dari Direktorat Jenderal Pajak, data volume dan nilai transaksi perdagangan saham dari Bursa Efek Indonesia, dan data demografi investor dari Kustodian Sentral Efek Indonesia. Hasil penelitian menunjukkan bahwa mayoritas investor ritel yang memutuskan berinvestasi saham pada masa pandemi adalah berusia di bawah 30 tahun, memiliki penghasilan bulanan kurang dari Rp 4,8 juta, dan memiliki tipe investasi jangka pendek (trading). Adapun tingkat kepatuhan pajak investor ritel yang memutuskan berinvestasi saham pada masa pandemi sudah baik secara formal namun masih rendah secara material. Masa pandemi Covid-19 berdampak positif pada peningkatan penerimaan pajak penghasilan final atas penjualan saham di bursa. Hal ini disebabkan adanya lonjakan volume dan nilai transaksi perdagangan saham secara signifikan pada akhir tahun 2020 hingga awal 2021 yang menunjukkan rasa optimisme investor serta diimbangi peningkatan jumlah investor ritel. / The Covid-19 pandemic has had a domino effect on the Indonesian economy and stock market. However, in the midst of a sluggish economy, there was a significant increase in the number of retail investors on the Indonesia Stock Exchange. The purpose of writing this final task paper is to analyze the characteristics and level of tax compliance of retail investors who decide to invest in stocks during the pandemic, and to determine the impact of final income tax receipts on stock sales during the pandemic. The research method used is a qualitative method. The research was conducted using primary data and secondary data. Primary data used in the form of open questionnaire data to 120 retail investors. The secondary data used is data on final income tax receipts from the sale of shares from the Directorate General of Taxes, data on the volume and value of stock trading transactions from the Indonesia Stock Exchange, and investor demographic data from the Indonesian Central Securities Depository. The results showed that the majority of retail investors who decided to invest in stocks during the pandemic were under 30 years old, had a monthly income of less than IDR 4.8 million, and had a short-term investment type (trading). The level of tax compliance of retail investors who decide to invest in stocks during the pandemic has been formally good but still materially low. The Covid-19 pandemic had a positive impact on increasing final income tax receipts from the sale of shares on the stock exchange. This is due to a significant increase in the volume and value of stock trading transactions at the end of 2020 to early 2021 which shows a sense of investor optimism and is offset by an increase in the number of retail investors.

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