ANALISIS PERBEDAAN KINERJA KEUANGAN PERUSAHAAN ROKOK SEBELUM DAN SESUDAH PENERAPAN KENAIKAN TARIF CUKAI HASIL TEMBAKAU

Abstract

Excise is one of the major sources of state revenues, which every year Three is always increase in terms of revenue especially for tabacco excise duty. Increased revenue can’t be separated from government decision to issue a policy to raise excise tax rates of tobacco products, which in 2012 issued Peraturan Menteri Keuangan No. 167 / PMK.011 / 2011 which average rate increase is 15% -16%. With the increase of excise tariffs on tobacco products, it will certainly have an impact on the financial performance of tobacco companies in Indonesia. The study was conducted to determine whether there are differences in financial performance seen from the ratio of liquidity, leverage ratio, activity ratio, and profitability ratio before and after the application of the increase in excise tariffs on tobacco products. The sample is determined by purposive sampling method. Data collection is done by observation of the company's financial report data. Statistical method used is paired sample t-test. The results of this study indicate that there are differences in profit margin and return on equity ratio after the increase of excise tariff on tobacco products. In the current ratio, current cash debt coverage ratio, debt to equity ratio, cash debt coverage ratio, inventory turnover, and asset turnover are not found differences after the increase in excise tariff on tobacco products.