carbon tax tagged posts

Americans Support Carbon Tax, Under Certain Conditions

July 22, 2014 Taxation in USA

WASHINGTON D.C. – Americans oppose the imposition of a carbon tax, unless the tax leads to tax rebates or improved renewal energy facilities.

On July 22nd the National Surveys on Energy and Environment released the results of a new survey showing that a significant number of US taxpayers oppose the imposition of carbon taxes if the government does not specify what the raised revenues will be spent on, however, the approval rating improves if the funds are used to fund renewable energy projects.

Only 34 percent of the respondents to the survey indicated that they support taxing fuels such as oil and coal, and the support is lowest among individuals who identify themselves as Republicans, with only 15 percent of such respondents voicing their support for the tax.

However, approximately 60...

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Australia Drops Carbon Tax

July 17, 2014 Taxation in Australia

CANBERRA – Australia’s carbon emissions are set to rise, while consumer prices are set to fall, as the government drops taxes on carbon emissions.

In a vote held on July 17th the Senate of Australia repealed the country’s carbon tax system, becoming the first country in the world to abolish pricing of carbon emissions.

The repeal, which passed with 39 votes against 32 votes, comes as a result of 2 weeks of negotiation between political parties, and several years of heated debate.

Welcoming the removal of the tax, the Prime Minister of Australia Tony Abbot said “… today the Parliament finally listened. Today the tax that you voted to get rid of is finally gone.”

The government currently estimates that removing the tax will save as much as AUD 550 per year for each taxpayer through ...

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Switzerland Could Hike Carbon Taxes

July 15, 2014 Taxation in Switzerland

BERN – Switzerland is warning energy companies to lower their emissions by the end of the year or face a tax hike in 2016.

Carbon taxes in Switzerland may be raised in 2016 by as much as 40 percent above the current level unless the national energy sector can reduce their emissions to an acceptable level by the end of the current year, according to information in a new statement issued on July 14th by the Federal Office of the Environment.

The possible tax hikes will be based on how much the emissions from the national energy sector can be cut in comparison to the emissions levels seen in 1990.

No tax hikes will be instated if emissions fall at least 24 percent below the levels seen in 1990, while a reduction of between 22 and 24 percent will see taxes raised from the CHF 60 per ton of ...

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Carbon Tax to Solve the US Budget Deficit?

September 27, 2012 Taxation in USA

Tax Carbon EmissionsWASHINGTON D.C. – Carbon tax could be a solution to the USA’s budget shortfall, and may cut it in half within the next 18 years.

On September 25th the US Congressional Research Service (CRS) released Carbon Tax: Deficit Reductions and Other Considerations, a new report  on the potential economic and fiscal effects of implementing a carbon tax in the USA.

The report suggested that an environmental tax of USD 20 per metric ton of carbon dioxide emissions could raise additional tax revenues of USD 88 billion in the current financial year.

The research also showed that in line with the country’s economic expansion, the revenues raised from the tax could also increase, and in the year 2020 the annual revenues from the collection of the carbon tax could reach USD 144 billion.

Comparing the est...

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South Africa Will Impose Carbon Tax

February 28, 2012 Taxation in South Africa

Carbon tax to be instated in South AfricaPRETORIA – South Africa will soon impose a new carbon tax, although the measure will only apply to less than 40 percent of all carbon dioxide released into the atmosphere.

The government of South Africa recently released its latest budget plan, which, amongst other measures, unveiled a proposal to instate a new carbon tax which would be levied on polluters from all sectors of the economy.

The new tax will be implemented in the 2013 – 2014 fiscal year, and will be charged at ZAR 160 for each ton of carbon dioxide released into the atmosphere, and the levy will increase by 10 percent each year until 2020.

In order to minimize the adverse economic effects of the proposed tax, a maximum of only 40 percent of an enterprise’s total emissions will be subject to the new system...

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