McCreevy Cautious On Implications Of Carbon Tax
Irish Finance Minister, Charlie McCreevy, has announced a consultation process
on the Proposed Carbon Energy Tax which he admits may have a huge impact on
the economy in terms of competitiveness. The tax is expected to be introduced in the 2005 budget, and research by the
Finance Ministry has concluded it will add 0.79 points to the consumer price
index, and is being proposed in order to help Ireland meet its commitment to
the Kyoto protocol. According to reports, the tax will be applied on carbon producing fossil fuels
at rates of between 7.50 euros and 25 euros based on the "tonne of oil equivalent"
measure. This could potentially add 3 cents to the price of a litre of petrol,
rising to almost 1 euro at the top end of the scale. The no doubt unpopular measure will have to be given "serious consideration"
said the Finance Minister who warned of the "competitive implications" for the
cost of transport in both the industrial and commercial sectors. .
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