Electronic Theses and Dissertation

Penanaman modal asing (foreign direct investment/fdi) memegang peran penting dalam mendorong pertumbuhan ekonomi, dan banyak negara menggunakan instrumen fiskal seperti kebijakan tax holiday untuk menarik investor. indonesia dan singapura sama-sama menerapkan kebijakan tax holiday yang ditujukan bagi industri pionir guna meningkatkan arus fdi. namun demikian, meskipun indonesia telah melakukan berbagai upaya regulatif, singapura secara konsisten melampaui indonesia dalam daya saing investasi dan kinerja fdi. penelitian ini bertujuan untuk melakukan analisis hukum komparatif terhadap kerangka legislasi dan kelembagaan yang mengatur kebijakan tax holiday di indonesia dan singapura melalui perspektif evaluatif united nations conference on trade and development (unctad) investment policy framework for sustainable development (ipfsd) dan asean comprehensive investment agreement (acia). penelitian ini mengkaji inkonsistensi hukum dan kebijakan antara rezim tax holiday indonesia yang bersifat rule-based dan model singapura yang berbasis diskresi, serta penerapan prinsip non-diskriminasi yang mencakup standar national treatment (nt) dan most-favoured-nation (mfn) dalam kerangka insentif perpajakan kedua negara. penelitian ini menggunakan metode yuridis normatif yang dipadukan dengan perspektif ekonomi serta pendekatan perbandingan hukum mikro. penelitian ini bersumber pada bahan hukum primer, literatur akademik, dan instrumen hukum investasi internasional. melalui penafsiran doktrinal dan evaluasi komparatif, penelitian ini menilai sejauh mana kerangka kebijakan masing-masing negara selaras dengan standar hukum internasional, khususnya unctad ipfsd dan acia. hasil penelitian menunjukkan bahwa singapura menerapkan pendekatan yang lebih fleksibel, berbasis merit, dan netral secara sektoral, dengan memberikan ruang diskresi administratif kepada otoritas yang berwenang serta mengakui skema pembiayaan asing, sehingga menciptakan iklim investasi yang lebih kondusif. sebaliknya, indonesia mempertahankan kerangka kerja yang kaku dan berbasis aturan, yang membatasi kelayakan tax holiday hanya pada perusahaan yang baru didirikan serta menetapkan ambang batas modal yang tinggi, sehingga berpotensi menimbulkan diskriminasi tidak langsung dan menurunkan tingkat inklusivitas investor. penelitian ini merekomendasikan agar indonesia meningkatkan fleksibilitas, transparansi, dan inklusivitas rezim tax holiday dengan mengadopsi kriteria kelayakan berbasis kinerja, membuka peluang pemberian insentif bagi reinvestasi oleh perusahaan yang telah beroperasi, serta mengkodifikasikan secara eksplisit prinsip national treatment dan most-favoured-nation dalam hukum nasional guna meningkatkan daya saing dan kepastian hukum bagi arus fdi yang berkelanjutan.

Foreign Direct Investment (FDI) plays a pivotal role in promoting economic growth, and many countries employ fiscal instruments such as tax holidays to attract investors. Both Indonesia and Singapore implement tax holiday policies targeting pioneer industries to stimulate FDI inflows. However, despite Indonesia’s regulatory efforts, Singapore consistently surpasses it in investment competitiveness and FDI performance. This study aims to a comparative legal analysis of the legislative and institutional frameworks governing tax holiday policies in Indonesia and Singapore through the evaluative lens of the United Nations Conference on Trade and Development (UNCTAD) Investment Policy Framework for Sustainable Development (IPFSD) and the ASEAN Comprehensive Investment Agreement (ACIA). The research examines the legal and policy inconsistency between Indonesia’s rule-based tax holiday regime and Singapore’s discretion-based model, and the application of the principle of non-discrimination, encompassing the standards of National Treatment (NT) and Most-Favoured-Nation (MFN), within both countries’ tax incentive frameworks. This research used the normative juridical method combined with an economic perspective and micro-comparative legal analysis. This study draws on primary legal materials, academic writings, and international investment law instruments. Through doctrinal interpretation and comparative evaluation, it assesses how each country’s framework aligns with international legal standards such as the UNCTAD Investment Policy Framework for Sustainable Development (IPFSD), and the ASEAN Comprehensive Investment Agreement (ACIA). This study concluded that Singapore adopts more flexible, merit-based, and sector-neutral approach that allows adaptive ministerial discretion and recognizes foreign financing schemes, creating a conducive investment environment. Indonesia, by contrast, maintains a rigid, rule-based framework that restricts eligibility to newly established firms and imposes high capital thresholds, potentially resulting in indirect discrimination and reduced investor inclusivity. The study suggests that Indonesia should enhance the flexibility, transparency, and inclusiveness of its tax holiday regime by adopting performance-based eligibility criteria, permitting incentives for reinvestment by existing enterprises, and explicitly codifying NT and MFN principles in domestic law to enhance competitiveness and legal certainty for sustainable FDI inflows.