This research aims to examine the effect of tax aggressiveness and independent boards on debt policy as well as the effect of independent boards as a moderating variable on the effect of tax aggressiveness on debt policy. The sample of this research is 632 non-financial firms listed on the Indonesian Stock Exchange between 2010 and 2015. The result of this research shows that tax aggressiveness has no effect on debt policy. It also shows that tax implications do not have an influence on the financing decisions of the company. Independent boards however have a positive effect on debt policy. This means that control of an independent board will increase if the company has high levels of debt. An independent board does not moderate the effect of tax aggressiveness on debt policy. When the companies requested approval for financing, the board did not consider the tax implications. Therefore, it can be concluded that an independent board has no impact on the decision-making process of company financing, particularly relating to tax aggressiveness. Seven controlled variables were used in this research; two of them have a positive effect on debt policy, one showed a negative effect while the rest have no effect on debt policy.