Australia Rules Out Carbon Taxes
In Australia, the Government has ruled out the reintroduction of an unpopular carbon tax. Australia introduced a short-lived carbon tax from July 1, 2012, after years of political wrangling on the issue of taxing carbon emissions, which required around 500 large carbon emitters to purchase a permit for each tonne of pollution released into the atmosphere.
Prime Minister Scott Morrison has pledged to target net zero emissions by 2050, but without reinstating a carbon tax. Setting out the Government’s plans on October 26, he announced that: “The Morrison Government will act in a practical, responsible way to deliver net zero emissions by 2050 while preserving Australian jobs and generating new opportunities for industries and regional Australia.”
The Government has said it intends to channel investment to industries to “deliver results through technology, not taxes”.
For more information on this, and other topical international tax matters, please visit: https://www.cchgroup.com/roles/corporations/international-solutions/research/global-tax-weekly-a-closer-look