Many companies reduce the tax expenses to as low as possible, leading to tax planning behavior. Tax efficiency is carried out to optimize company profits through various policies. Meanwhile, implementing certain tax policies can increase the company's risk because it triggers uncertainty in cash flows and profits. This study examines the effect of tax avoidance, tax aggressiveness, and tax risk on firm risk. In addition, this study also examines the moderating role of corporate governance, testing the independent and dependent variables. The data used in this study are from manufacturing companies listed on the Indonesia Stock Exchange (IDX) during the 2016-2019 observation period, sourced from Indonesia Stock Exchange's official website, the company websites, www.finance.yahoo.com and www.bloomberg.com. This study resulted in a sample of 260 firm-years based on purposive sampling. Hypothesis testing is employed by multiple linear regression linear analysis for panel data. The results suggest that tax avoidance and tax risk are positively associated with firm risk, while tax aggressiveness is not associated with firm risk. Furthermore, this study also finds that corporate governance does not have a moderating effect in testing the independent and dependent variables. This study contributes novelty to tax planning activities testing related to firm risk, which is still rarely conducted in previous studies.