This research aimed to analyze the effect of a tax haven, transfer pricing, environmental uncertainty, and capital structure on tax sheltering with corporate governance as a moderating. Measurement of tax sheltering uses a tax shelter score with seven predictor models such as: book-tax differences (BTD), discretionary accruals performance-matched (DAP), leverage, asset size (Size), profitability (ROA), foreign income (FI), and research and development expense (R&D). The population of this study was the multinational companies not included in the financial service industry sector listed on the Indonesia Stock Exchange for the period 2016- 2020. The research sample used was eighty-one companies in the multinational companies excluded in the financial service industry sector which were selected based on the purposive sampling method. This study used panel data regression analysis. The results obtained are that tax havens, environmental uncertainty, and capital structure has a positive effect on tax sheltering, while transfer pricing has a negative effect on tax sheltering. Corporate governance as a moderator can only have a positive effect on moderating the effect of tax havens, environmental uncertainty, and capital structure on tax sheltering.

Keywords : Capital Structure, Environmental Uncertainty, Tax Sheltering, Tax Haven, Transfer Pricing