Larger tax breaks to reduce greenhouse gas emissions in China

Larger tax breaks to reduce greenhouse gas emissions in China

Chinese Parliament proposed raising the tax incentives to companies that reduce emissions more than the national standard, quoted Chinese media today the first details of highly anticipated new ordinance, which aims to curb the state level emissions.

If the National People’s Congress, China’s highest legislative body, to adopt this regulation, companies are halved emissions in relation to regulated national standard will pay only half of the amount of taxes envisaged for the protection of air, water and land, the agency Xinhua.

According to the state radio, companies from the sectors of agriculture and transport will be exempt from the new tax law.

As reported by Reuters, these industries are much less polluting than sectors such as steel production, coal and oil.

The government will not tax companies based on their carbon emissions, because it is already working the Chinese market of carbon, which permits the release of carbon companies give incentives to limit the release of gases from its plants.

The Chinese government has for several years been preparing a new tax law, which is aimed at reducing pollution from heavy industry in particular.

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