carbon tax tagged posts

Canada to Implement Carbon Tax

October 5, 2016 Taxation in Canada

Carbon taxOTTAWA – In a surprise move, Canada has announced that it will implement a carbon tax of CAD 10 per tonne within 2 years.

In a speech on October 4th the Prime Minister of Canada Justin Trudeau announced that by the year 2018 each province in the country will be required to implement a carbon tax.

The Prime Minister stated that each province will be required to charge carbon emitters a tax of at least CAD 10 per tonne of emissions, or to implement a cap-and-trade system which would have the same effect as a carbon tax.

Any states which will fail to implement the tax will see a generic carbon tax applied by the federal government, with a rate set at CAD 10 per tonne, to be raised by CAD 10 per tonne per year, to be capped at CAD 50 per tonne.

Explaining the need for the tax, the Prime Mini...

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Carbon Tax Needed in New Zealand

July 19, 2016 Taxation in New Zealand

WELLINGTON – A carbon tax in New Zealand could help reduce emissions, while raising enough revenue to lower consumption tax, corproate tax rates, and to introduce a tax-free threshold for personal incomes.

In a press release issued on July 18th the Green party of New Zealand claimed that new research completed by experts from the University of Auckland and the Cambridge University has shown that the country should implement a carbon tax in order to pay for cuts to consumption tax.

According to the results of the research, if New Zealand implemented a carbon tax and hiked the price of carbon to NZD 75 per tonne, then the overall emissions level in New Zealand could be reduced by 14.2 percent.

Along with the reduction in harmful emissions, the national GDP could rise by 2...

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Carbon Tax and Sugar Tax Will Save Lives

February 4, 2016 Taxation in UK

LONDON – Sugar taxes and carbon taxes could greatly benefit the UK, but in unison they could reduce consumption of beef, increase consumption of vegetables, while also raising tax revenues.

The combined effect of a carbon tax and a sugar tax would save lives and reduce greenhouse gas emissions, all without damaging tax revenues, according to the results of new research published in the research journal BMC Public Health.

The research examined the potential effects of introducing a carbon tax of GBP 2...

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Carbon Taxes Needed on Shipping and Flights

January 15, 2016 International Tax Cooperation

WASHINGTON D.C. – Despite logistic difficulties, the IMF is urging carbon taxes to be levied on fuels used in international shipping and flights.

In a recent report the international non-government organization the International Monetary Fund claimed that carbon pricing should be “front and centre” in international efforts to reduce carbon output around the world.

As part of the push for carbon taxation, the IMF also added that substantial tax revenues could be raised to fight climate change by levying carbon taxes on the use of fuels for international aviation and maritime transport.

It is estimated that as much as USD 25 billion could be raised by levying such taxes.

Emissions from planes and ships are thought to account for about 4 percent of global emissions.

The IMF conceded th...

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Dropping Carbon Tax Leads to More Emissions

July 6, 2015 Taxation in Australia

CANBERRA – The power generation sector in Australia has been releasing tonnes more pollutants into the air since the government dropped a tax on such emissions.

In a statement issued over the weekend the Australian-based non-profit group the Climate Council claimed that there has been a marked rise in the amount of emissions produced by the electricity sector since the recent scrapping of the national carbon tax.

Over the year ending in April 2015 the level of carbon emissions from electricity producers in Australia was 4.3 percent higher than the level seen over the course of the year ending in June 2014.

The rise was attributed to the fact that in July 2014 the national tax on carbon emissions was repealed.

It was noted that during the two years that the tax was active, the level of em...

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