The purpose of this study is to examine the effect of financial reporting transparency on tax avoidance, the effect of tax avoidance on firm value, and effect of transparency on relationship between tax avoidance and firm value. The sample of this study consists of 66 manufacture companies that during the period of 2010-2014, with 330 total observations. The empirical results show transparency (earning opacity and audit quality) has the negative effect on tax avoidance but tax avoidance does not affect firm's value. In the transparent company (earning opacity and audit quality),  tax avoidance will reduce firm's value.