Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Kyoto tax liability vital election consideration

Monday, August 22nd, 2005

Kyoto tax liability vital pre-election consideration

The review of the Kyoto Protocol needs to be considered in the context of the promises on taxation being made by the main political parties, the Employers & Manufacturers Association (Northern) says.

Government has acknowledged the costs of Kyoto are much greater than Climate Change Minister Hodgson first thought, said Alasdair Thompson, EMA's chief executive.

"Minister Hodgson used to say 'why wouldn't we sign up (to Kyoto).....it would be like ripping up a cheques for hundreds of millions of dollars not to.'

"Industry warned government its calculations on the value of the surplus carbon credits were wrong, and New Zealand's liability is going to be far worse than the minister has so far admitted.

"Government's carbon credit calculations were incorrect to begin with, and business concern is growing that the latest calculations on the extent of the liability are still wrong.

"The review will no doubt seek to allocate the new level of liability back to industry, farmers and foresters.

"Authoritative researchers BERL and Castalia have said up to $14 billion should be allowed to cover our obligations under Kyoto.

"That's well over 10 per cent of New Zealand's total GDP that could end up being spent paying Russia for carbon credits.

"It would also mean the price of petrol rising to $1.70 litre from the Kyoto impact alone.

"According to the Ministry for the Environment's Bill Bayfield, the review will look at the whole issue of carbon taxes and emissions, including whether the $15 per tonne of carbon emitted should be revised upwards.

"The review should include the possibility that New Zealand should withdraw from Kyoto in 2008 and instead join the climate change pact announced last month by Australia, the US, China, India and South Korea.

"Even if New Zealand believed it was necessary to keep faith with Europe's carbon derivative traders, the introduction of taxes on carbon usage is not the only or the best way to respond to human induced climate change."

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: Spending Wins Over Tax Cuts; Big Ticket Items Get Boost

Income tax cuts are on hold as the government says “responding to the earthquakes and reducing debt are currently of higher priority”, although election year tax sweeteners remain possible. More>>

ALSO:

Fishy: Is Whitebaiting Sustainable?

The whitebait fry - considered a delicacy by many - are the juveniles of five species of galaxiid, four of which are considered threatened or declining. The SMC asked freshwater experts for their views on the sustainability of the whitebait fishery and whether we're doing enough to monitor the five species of galaxiid that make up whitebait. More>>

ALSO:

Crown Accounts: Smaller-Than-Expected Four-Month Deficit

The New Zealand government's accounts recorded a smaller-than-forecast deficit in the first four months of the fiscal year on a higher-than-expected inflow of corporate and goods and services tax. More>>

ALSO:

On For Christmas: KiwiRail Ferries Back In Full Operation After Quake

KiwiRail’s Interislander ferries are back in full operation for the first time since the Kaikoura earthquake, with the railspan that allows rail wagons to be loaded on the Aratere now restored. More>>

ALSO:

Comerce Commission Investigation: Prosecutions Over Steel Mesh Labelling

Steel & Tube Holdings, along with two other companies, will be prosecuted by the Commerce Commission following the regulator's investigation into seismic steel mesh, while Fletcher Building's steel division has been given a warning. More>>

ALSO:

Wine: 20% Of Marlborough Storage Tanks Damaged By Quake

An estimated 20 percent of wine storage tanks in the Marlborough region, the country’s largest wine producing area, have been damaged by the impact of the recent Kaikoura earthquake. More>>

ALSO:

ACC: Levy Recommendations For 2017 – 2019 Period

• For car owners, a 13% reduction in the average Motor Vehicle levy • For businesses, a 10% reduction in the average Work levy, and changes to workplace safety incentive products • For employees, due to an increase in claims volumes and costs, a 3% increase in the Earners’ levy. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news