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China imposes environment protection tax beginning Jan 1
09
Jan '18
China started collecting a new type of tax — the environment protection tax — from January 1 to protect the environment and reduce pollutants. Companies and institutions discharging pollutants directly into the environment will pay taxes for creating noise, air and water pollution and generating solid waste. Companies that discharge more will pay more tax.

Tax rates are higher for pollutants that are more hazardous. A database of eligible companies has been prepared by tax authorities. The introduction of the tax ended the ‘pollutant discharge fee’, which was being collected for nearly four decades.

The new tax will benefit companies committed to cutting emissions and saving energy, a Chinese news agency quoted Liu Jianmin, director of the local taxation bureau at Jinjiang city in Fujian, as saying.

Local governments will keep the tax revenue and will have the right to set tax rates. Environmentally fragile regions, such as Beijing, Hebei and Tianjin, have adopted higher rates.

Authorities will monitor the emissions of the companies every quarter and those whose emissions are down may apply for tax redemption. (DS)

Fibre2Fashion News Desk – India


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