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.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment