The Effect of the 11% VAT Increase on Sales of Food and Beverage Companies Listed on the Indonesian Stock Exchange 2020-2024 Period

William William; Azwani Aulia; Eka Julianti Efris Saputri

doi:10.37278/eprofit.v8i2.1613

Authors

William William Accounting, Universitas Adiwangsa Jambi
Azwani Aulia Accounting, Universitas Adiwangsa Jambi
Eka Julianti Efris Saputri Accounting, Universitas Adiwangsa Jambi

DOI:

https://doi.org/10.37278/eprofit.v8i2.1613

Keywords:

Value-Added Tax (VAT) 11%, Sales, Food and Beverage, Linear Regression, Indonesia Stock Exchange

Abstract

This study examines the effect of the implementation of the 11% Value-Added Tax (VAT) rate on the sales of food and beverage companies listed on the Indonesia Stock Exchange (IDX) during 2020–2024. Using a quantitative approach, this study analyzes secondary data from the financial statements of five companies selected through purposive sampling: PT Indofood CBP Sukses Makmur Tbk, PT Indofood Sukses Makmur Tbk, PT Mayora Indah Tbk, PT Nippon Indosari Corpindo Tbk, and PT Wilmar Cahaya Indonesia Tbk. Data were analyzed using SPSS through linear regression with a dummy variable to compare sales before and after the implementation of the 11% VAT rate. The results indicate that the implementation of the 11% VAT rate did not have a statistically significant effect on sales (p = 0.074 > 0.05); therefore, the research hypothesis was not supported. Furthermore, the Adjusted R² value of 0.608 indicates that the model explains 60.8% of the variation in sales, while the remaining 39.2% is associated with factors outside the model. These findings suggest that sales performance may also be influenced by marketing strategies, product innovation, and company-specific characteristics.

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