Push for clean tax reform to proceed
Source: Bloomberg News |
October 21, 2011, Friday
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Print Edition
Print Edition
CHINA will push forward with environmental tax reform, and the State Council, China's Cabinet, is studying the introduction of an environmental protection tax.
China also plans to raise investment in environmental protection and include it in the annual fiscal budgets for all levels of government, according to a statement posted on the government's website yesterday after a meeting of the Cabinet, headed by Premier Wen Jiabao. The government will also support bond issues for companies undertaking environmental projects and provide tax breaks.
The country is spurring local authorities to deal with damage to the environment caused by two decades of expansion averaging more than 10 percent a year. Wen last month called for more efforts to conserve energy and reduce emissions, describing the situation as "rather severe."
China vowed to reduce carbon emissions per unit of gross domestic product by as much as 45 percent in 2020 from 2005 levels. The government missed a target of reducing energy consumption by 20 percent between 2006 and 2010, even after shutting at least 7,000 factories and banning power price discounts for some businesses.
The government will also provide tax breaks for some auto-fuel businesses, and may adjust import and export tariffs on "high polluting" products.
The Ministry of Environmental Protection said last month that China's thermal power plants may need upgrading at a cost of 260 billion yuan (US$41 billion) to meet new emissions rules.
China also plans to raise investment in environmental protection and include it in the annual fiscal budgets for all levels of government, according to a statement posted on the government's website yesterday after a meeting of the Cabinet, headed by Premier Wen Jiabao. The government will also support bond issues for companies undertaking environmental projects and provide tax breaks.
The country is spurring local authorities to deal with damage to the environment caused by two decades of expansion averaging more than 10 percent a year. Wen last month called for more efforts to conserve energy and reduce emissions, describing the situation as "rather severe."
China vowed to reduce carbon emissions per unit of gross domestic product by as much as 45 percent in 2020 from 2005 levels. The government missed a target of reducing energy consumption by 20 percent between 2006 and 2010, even after shutting at least 7,000 factories and banning power price discounts for some businesses.
The government will also provide tax breaks for some auto-fuel businesses, and may adjust import and export tariffs on "high polluting" products.
The Ministry of Environmental Protection said last month that China's thermal power plants may need upgrading at a cost of 260 billion yuan (US$41 billion) to meet new emissions rules.
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