The purpose of this study is to analyze the beneficial owner interpretation used in the Supreme Court of the Republic of Indonesia's decision Number 133/B/PK/PJK/2017, between PT PLN and DGT, and to assess the implications for Majapahit Holding BV's funding by issuing global bonds. Many cases brought to the tax court involve differences in interpretation, and many companies form SPVs abroad to issue global bonds. Our analysis uses a case study approach, and our qualitative research design incorporates numerous data sources (data triangulation). The study details the consequences of the decision and the rules about beneficial ownership in Indonesia (stated in PER-10/PJ/2017). Different interpretations of beneficial ownership occur because facts about SPVs are missing. The Indonesian tax authorities need to request documents to prove who was the actual beneficial owner. An entity can be established as a beneficial owner if it has fulfilled the requirements contained in the OECD commentary about limitations on benefits.