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

 

Scoop Business: RBNZ Keeps OCR At 3.5%, Signals Slower Pace Of Future Hikes

Reserve Bank governor Graeme Wheeler kept the official cash rate at 3.5 percent and signalled he won’t be as aggressive with future rate hikes as previously thought as inflation remains tamer than expected. The kiwi dollar fell to a seven-month low. More>>

ALSO:

Weather: Dry Spells Take Hold In South Island

Many areas in the South Island are tracking towards record dry spells as relatively warm, dry weather that began in mid-August continues... for some South Island places, the current period of fine weather is quite rare. More>>

ALSO:

Scoop Business: Productivity Commission To Look At Housing Land Supply

The Productivity Commission is to expand on its housing affordability report with an investigation into improving land supply and development capacity, particularly in areas with strong population growth. More>>

ALSO:

Forestry: Man Charged After 2013 Death

Levin Police have arrested and charged a man with manslaughter in relation to the death of Lincoln Kidd who was killed during a tree felling operation on 19 December 2013. More>>

ALSO:

Smells Like Justice: Dairy Company Fined Over Odour

Dairy company fined over odour Dairy supply company Open Country Dairy Limited has been convicted and fined more than $35,000 for discharging objectionable odour from its Waharoa factory at the time of last year’s ”spring flush” when milk supply was high. More>>

Scoop Business: Dairy Product Prices Decline To Lowest Since July 2012

Dairy product prices dropped to the lowest level since July 2012 in the latest GlobalDairyTrade auction, led by a slump in rennet casein and butter milk powder. More>>

ALSO:

SOE Results: TVNZ Lifts Annual Profit 25% On Flat Ad Revenue, Quits Igloo

Television New Zealand, the state-owned broadcaster, lifted annual profit 25 percent, ahead of forecast and despite a dip in advertising revenue, while quitting its stake in the pay-TV Igloo joint venture with Sky Network Television. More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

Standards New Zealand

Mosh Social Media
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news