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

 

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Restrictions Lifted: No Further Tau Flies Found

The Ministry for Primary Industries (MPI) confirms that all restrictions on the movement of fruit and vegetables in Manurewa, Auckland, due to the Tau fly, have been lifted as of 2.26pm on Sunday 7 February. More>>

Crowdfinding: Awaroa Beach To Become Public Land If Appeal Succeeds

Conservation Minister Maggie Barry says a privately-owned beach will become part of the Abel Tasman National Park if an online crowdfunding campaign to buy it succeeds... More>>

ALSO:

Meat Workers Union: Waitangi Mondayisation Flaunted By Large Employer Of Maori

At the AFFCO Talley owned meat plant in Rangiuru, the company has resorted to bullying and threats... saying they could be disciplined and their union sued for an unlawful strike if workers exercise their rights to a paid day off tomorrow. More>>

Earlier:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news