FAQ - Environmental Pollution Tax Law in Viet Nam -
|
|
- Caren Hunter
- 5 years ago
- Views:
Transcription
1 What are the taxed objects and planned tax rates? Viet Nam seeks to implement tax on the following commodities: Refined fuels (gasoline, diesel, mazut, paraffin, kerosene) Coal Hdrochlorofluorocarbon (HCFC) substances Soft plastic bags Subset of harmful chemical substances used in agriculture and forestry Taxable object Unit Tax rate (VND/Unit) Refined fuels All kinds of gasoline liter Jet fuel liter Diesel liter Paraffin liter Mazut kg Lubricating oil liter Grease kg Coal ton HCFC Substances kg Soft Plastic Bags kg Restricted-used plant protection chemical substances Agriculture chemical substances kg Anti-termite chemicals kg Preservatives for forest products kg Disinfect chemical used for warehouses kg Note: Taxes are levied on the consumed physical units rather than on percentages of prices. This corresponds to international best practice as the actual amounts of used units harm the environment, independent of its price.
2 Impact Assessment on the draft environmental tax law in Viet Nam Why? A quantitative evaluation of the impacts of the proposed draft law of Viet Nam on producer and user prices, sectoral output and employment, the commodity structure of demand, government tax revenue, CO 2 emissions and household welfare. How? A simulation analysis based on a Computable General Equilibrium (CGE) model of the Vietnamese economy is used to model the impact of the environmental tax. The CGE model is calibrated to a new Social Accounting Matrix for Vietnam. A SAM is an extension of the national accounting system reflecting the interactions among all actors in the economy, including the production sector, the household sector, the government sector, and the rest of the world. It is a consistent integrated snapshot of the whole economy in a given year (here 2007). Strengths: The model allows for a switch to less energy-intensive modes of production in response to an increase in energy prices. In detail, the sectoral production functions allow for imperfect substitutability between coal and a refined oil/gas composite, and between refined oil and natural gas. The general equilibrium approach allows quantifying the CO 2 emission reductions associated with the imposition of the environmental tax.
3 FAQ - Environmental Pollution Tax Law in Viet Nam Simulated environmental tax scenarios: Assumptions The CGE analysis focuses on the taxes on coal and on refined fuels, as they account for around 99.5% of the estimated environmental taxes. The other taxable objects (HCFC substances, Soft plastic bags and subset of harmful chemical substances used in agriculture and forestry) account only for a tiny share of domestic production and consumption and will therefore have negligible impacts on macroeconomic variables and on tax revenue. Nevertheless, imposing taxes on these products with negative environmental externalities will encourage users to shift to more environment-friendly substitutes that are available. The draft environmental tax law specifies a lower and an upper limit for the specific tax rates that apply to each taxable object. Therefore, the simulation results presented consider a Low and a High tax rate scenario.
4 Simulation Results: Macroeconomic Impact: Assumptions: The government spreads the additional tax revenue from environmental taxes among public investment spending, government consumption and additional transfers to the private sector. Main results: Estimated increase of environmental tax revenues by up to 37,844 1 billion VND in 2012 (fully exploiting the potential of the law) Significant shift in the purchasing power from the households to the government sector: => real government expenditure => demand for domestic non-tradable goods => prices for non-tradable goods => discourage exports => real exchange rate appreciation Income effect: Income Real PP => Reduces demand for all consumer goods. Household effect User price Production side price for taxed commodities Substitution effect => Shifts demand from coal and refined fuels to other goods. => It is the household sector that bears the burden of the tax - reflected in a noticeable drop in household consumption! Increase in production costs = supply prices of domestically produced commodities Substitution effect Between energy inputs 1 Equals approximately 1.5 billion Euro
5 FAQ - Environmental Pollution Tax Law in Viet Nam - Simulation Results: Impact on CO2 emissions: Assumptions: The government spreads the additional tax revenue from environmental taxes among public investment spending, government consumption and additional transfers to the private sector. Main results: The environmental tax law has the potential to reduce Viet Nam s annual CO2 emissions by up to 7.5 %. For the year 2012, this amounts to an absolute emission reduction of up to 9.3 million tons of CO2 (high taxation scenario).
6 Shortcomings of the current draft law & resulting recommendations The current draft of the environmental tax law includes already all relevant taxable objects with the only exception of a road tax 2. To overcome this shortcoming, the Vietnamese government already plans to charge exhaust fumes soon So far, the nominal tax rates are not indexed to inflation. But given the persisting high inflation rates in Viet Nam, nominal specific tax rates must exceed the rate of inflation to guarantee a positive environmental effect (otherwise the real tax rates even decrease!) 7 Erosion of effective real tax rates in the presence of inflation The actual nominal tax rate needs to be indexed (at least) to inflation! In Viet Nam, the price of coal only equals 75% of the world and the proposed tax rate on coal is significantly lower than the environmental tax rate on refined fuels. The implication is that the relative user price of coal in relation to the price of refined oils drops. To the extent that refined fuels and coal are substitutes, this may induce undesirable substitution effects from relatively clean refined fuels to relatively dirty coal. Ad valorem tax rate in % Year 10 % Inflation 20% Inflation The effective ad valorem tax rate of coal should exceed the tax rate on refined fuel substitutes to avoid undesired substitution effects.. 2 Please note, that road tax does not mean taxing the use of a road (toll) but rather the taxation of vehicles.
7 The current draft law suggest a relatively wide range of taxes (e.g VND/litre gasoline) without explicitly clarifying if it is planned to increase the tax rates gradually to the upper boundary or if this is just the inflation scope. If it is intended to increase real taxes gradually (nominal tax rates > inflation rates), they should be phased in according to a transparent pre-announced time schedule to allow firms to plan investments in fuel-efficient technologies. Develop a mid and long term roadmap for the gradual increase of environmental taxes to ensure investment certainty and to facilitate a smooth low-carbon technology transition. Currently, the draft law does not take energy efficiency adequately into account. The aim should be to set incentives to reduce the input of natural resources and to stimulate the shift towards low carbon technologies by a) increasing taxes on fossil energies while b) reducing taxes on renewable and efficient technology applications a tax differentiation is often very successfully internationally applied Stimulate investments in energy efficiency and renewables So far, the additional revenues stemming from the environmental tax law are not earmarked for environmental purposes (which corresponds to the nonaffectation principle). Nevertheless, international best practice (OCED) suggests partially earmarking of the environmental revenues to monitoring and enforcement activities. But even without explicitly earmarking the additional tax revenues, the Vietnamese government could use the additional money to stimulate investments into low carbon technologies and to promote environmental protection activities. Use the additional revenues for monitoring and enforcement activities as well environmental purposes.
8 The impact assessment results at a glance: The refined liquid fuels taxes will be the dominant source of tax revenue The results suggest that CO 2 emissions drop by around 2.3% under the Low and by 7.5% under the High tax rate scenario. For the year 2012, this amounts to an absolute emission reduction of up to 9.3 million tons of CO2 (high taxation scenario) At the higher end of the proposed tax rate band, the environmental tax on fuels will have noticeable economy-wide repercussions. The tax-induced fuel price increases raises the production costs and the output prices of other fuel-intensive sectors most notably for the fishing and the transport sector. The tax-induced rise in the cost of transport services spreads the impact of the fuel tax widely across the economy through its effect on transport margins for all non-service commodities. At high levels of the tax rate, the environmental tax shifts a significant amount of purchasing power from households to the government ( billion VND 3 additional tax revenues) As the additional tax revenue is spent on environmental protection measures (or other nontraded goods and services), the real exchange rate appreciates to some extent and real exports decline slightly relative to the no-eco-tax growth path Household welfare narrowly defined as utility derived from the consumption of private goods declines significantly across all households groups. However, this result does not take account of future welfare gains due to beneficial environmental impacts. There is a need for supportive measures to facilitate a smooth low-carbon technology transition. 3 This equals approximately 1.5 billion EURO
9 Policy recommendations at a glance Include the explanations in the accompanying texts or a separate FAQ-document. Develop a mid- and long term roadmap for environmental tax and fiscal reform including slow and gradual increase of the environmental taxes Announce the gradual increase of the taxes in advance. Stimulate investments in energy efficiency and renewables. Increase taxes on coal. Increase public awareness for EFR. Include an Annual Road Tax in the future Adjust the environmental taxes at least to inflation. Use the additional revenues for environmental purposes.
Changing incentives for better ecological quality of growth. Asia-Pacific experiences (mainly related to Environmental Tax/Fiscal Reforms ETR/EFR)
Changing incentives for better ecological quality of growth Asia-Pacific experiences (mainly related to Environmental Tax/Fiscal Reforms ETR/EFR) From Dessau/Germany to Bangkok/Thailand, 14 th November
More informationCarbon Tax a Good Idea for Developing Countries?
1 Carbon Tax a Good Idea for Developing Countries? Susanne Åkerfeldt Senior Advisor Ministry of Finance, Sweden susanne.akerfeldt@gov.se +46 8 405 1382 Presentation at the 13 th Session of The United Nations
More informationFY2011 The Result of Taxation Reform Request. by Ministry of the Environment
FY2011 The Result of Taxation Reform Request 23 by Ministry of the Environment Introduction of Carbon Dioxide Tax of Global Warming Countermeasure December 2010 FY2011 Taxation Reform was decided by Cabinet
More informationImpact of Oil Price Increase in Vietnam and Policy Response. Seminar at the Institute for Price and Market Research October 21, 2005
Impact of Oil Price Increase in Vietnam and Policy Response Seminar at the Institute for Price and Market Research October 21, 2005 1 Outline Key stylist facts (Price developments) Net impact on the economy
More informationCONFERENCE ON ENVIRONMENTAL FISCAL REFORM
CONFERENCE ON ENVIRONMENTAL FISCAL REFORM Berlin, 27 June 2002 Comments on the Discussion Paper Prepared by Hans Larsen Ministry of Taxation, Denmark The Danish Tax Reforms in the 1990 s During the 1990
More informationOptions for Fiscal Consolidation in the United Kingdom
WP//8 Options for Fiscal Consolidation in the United Kingdom Dennis Botman and Keiko Honjo International Monetary Fund WP//8 IMF Working Paper European Department and Fiscal Affairs Department Options
More informationFact sheet: Financing climate change action Investment and financial flows for a strengthened response to climate change
Fact sheet: Financing climate change action Investment and financial flows for a strengthened response to climate change In 2007, a review entitled Report on the analysis of existing and potential investment
More informationIS BRITISH COLUMBIA S CARBON TAX GOOD FOR HOUSEHOLD INCOME? WORKING PAPER
IS BRITISH COLUMBIA S CARBON TAX GOOD FOR HOUSEHOLD INCOME? WORKING PAPER July 2013 Authors Noel Melton Jotham Peters Navius Research Inc. Vancouver/Toronto Is British Columbia's Carbon Tax Good for Household
More informationCzech monetary policy: On a way to neutral interest rates
Czech monetary policy: On a way to neutral interest rates Petr Král Deputy Executive Director Monetary Department Czech & Hungary Investor Day London, 14 November 2018 Current economic situation 2 Structure
More information6. Green taxes and green public spending
6. Green taxes and green public spending UN ESCAP Meeting of Expert Group on Tax Policy and Public Expenditure Management for Sustainable Development Bangkok, 06.12.2016 via skype from Bonn/Germany Kai
More informationMeeting with Analysts
CNB s New Forecast (Inflation Report III/2018) Meeting with Analysts Karel Musil Prague, 3 August 2018 Outline 1. Assumptions of the forecast 2. The new macroeconomic forecast 3. Comparison with the previous
More informationEnvironmentally related taxes by economic activity. Quality report for the 2017 data collection
Environmentally related taxes by economic activity Quality report for the 2017 data collection Country Latvia Date 30.09.2017 Contact person: Iveta Brezinska, iveta.brezinska@csb.gov.lv Regulation (EU)
More informationGHG EMISSIONS TAX RATIONALE AND DESIGN ELEMENTS GRZEGORZ PESZKO, LEAD ECONOMIST, WORLD BANK
GHG EMISSIONS TAX RATIONALE AND DESIGN ELEMENTS GRZEGORZ PESZKO, LEAD ECONOMIST, WORLD BANK Carbon taxes often higher then ETS prices Source: World Bank, State and Trends of carbon Pricing 2015 2 Tax on
More informationThe Benefits of a Carbon Tax Swedish experiences and a focus on developing countries
1 The Benefits of a Carbon Tax Swedish experiences and a focus on developing countries Susanne Åkerfeldt Senior Advisor Ministry of Finance, Sweden susanne.akerfeldt@gov.se +46 8 405 1382; +46 70 681 25
More informationRossella Bardazzi University of Florence Italy
Energy Taxes in a Multisectoral INFORUM-type Model Rossella Bardazzi University of Florence Italy Outline What is an energy tax? And an environmental tax? Multisectoral models and energy taxes Data requirements
More informationTaxation, Innovation and the Environment:
Taxation, Innovation and the Environment: A Policy Brief The OECD recently analysed the impact of environmentally related taxes and similar instruments on innovation activity by firms and households in
More informationTHE INCOME DISTRIBUTION IMPACTS OF CLIMATE CHANGE MITIGATION POLICY
THE INCOME DISTRIBUTION IMPACTS OF CLIMATE CHANGE MITIGATION POLICY G. A. OLADOSU AND A. Z. ROSE PRESENTED AT THE 24 TH ANNUAL IAEE MEETING, WASHINGTON D.C. JULY 10 2004 INTRODUCTION MARKET INSTRUMENTS:
More informationDon Fullerton, University of Illinois Garth Heutel, UNC-Greensboro
Don Fullerton, University of Illinois Garth Heutel, UNC-Greensboro We study two parts of energy policy incidence Uses side: prices of some goods rise relative to others, hurting some people more than others
More informationChapter 6 SUMMARY, CONCLUSIONS AND RECOMMENDATIONS
Chapter 6 SUMMARY, CONCLUSIONS AND RECOMMENDATIONS 6.1. Summary Poverty, inequality and unemployment are realities within the South African economy, and policy intervention is called for. One policy intervention
More informationEconomic Impact Analysis: Washington s Initiative 732
1 Page September 12, 2016 Economic Impact Analysis: Washington s Initiative 732 Executive Summary Introduction Washington s Initiative 732 (I-732) will be on the ballot this November for Washington voters.
More informationThe Benefits of a Carbon Tax Swedish experiences and a focus on developing countries
The Benefits of a Carbon Tax Swedish experiences and a focus on developing countries 1 Why is a Carbon Tax Important Now? Tax Base Protection for Developing Countries Huge challenges Increased revenues
More informationExperiences with EFR in Europe
Experiences with EFR in Europe Seminar More gain than pain: Carbon/energy pricing for closing public deficits Budapest Business School, Budapest/Hungary, 04.07.2012 Kai Schlegelmilch Vice President of
More informationAppendix A Specification of the Global Recursive Dynamic Computable General Equilibrium Model
Appendix A Specification of the Global Recursive Dynamic Computable General Equilibrium Model The model is an extension of the computable general equilibrium (CGE) models used in China WTO accession studies
More informationSPOTSYLVANIA SOLAR ENERGY CENTER
FEBRUARY 13, 2019 SPOTSYLVANIA SOLAR ENERGY CENTER ECONOMIC AND FISCAL CONTRIBUTION TO SPOTSYLVANIA COUNTY 4201 DOMINION BOULEVARD, SUITE 114 GLEN ALLEN, VIRGINIA 23060 804-346-8446 MANGUMECONOMICS.COM
More informationGreen Taxation: a contribution to sustainability
Green Taxation: a contribution to sustainability The European Semester and Green Tax Reforms (environmental taxation and the removal of environmental Harmful subsidies) - a Contribution to the wider fiscal
More informationInflation projection of the National Bank of Poland based on NECMOD model. June 2008
Inflation projection of the National Bank of Poland based on NECMOD model June 2008 1 11 10 9 8 7 6 5 4 3 2 1 0-1 -2-3 -4-5 percent Inflation projection June 2008 05q1 05q3 06q1 06q3 07q1 07q3 08q1 08q3
More informationOECD Policy Instruments for the Environment
OECD Policy Instruments for the Environment Database documentation The OECD maintains the Policy Instruments for the Environment (PINE) database, part of which was developed in co-operation with the European
More informationThe Economic Impact of Belarus Accession to the WTO: A Quantitative Assessment
IPM Research Center German Economic Team in Belarus PP/14/04 The Economic Impact of Belarus Accession to the WTO: A Quantitative Assessment Summary In this paper a computable general equilibrium model
More informationTourism Economics and Policy
ASPECTS OF TOURISM TEXTS Series Editors: Chris Cooper (Oxford Brookes University, UK), C. Michael Hall (University of Canterbury, NewZeaiand) and Dallen J. Timothy (Arizona State University, USA) Tourism
More informationLecture # 7 -- Taxes and Subsidies
I. Emission Fees Lecture # 7 -- Taxes and Subsidies Recall that the problem with externalities is that they are not reflected in prices. o The government can rectify the problem by setting a price for
More informationAssessing the Spillover Effects of Changes in Bank Capital Regulation Using BoC-GEM-Fin: A Non-Technical Description
Assessing the Spillover Effects of Changes in Bank Capital Regulation Using BoC-GEM-Fin: A Non-Technical Description Carlos de Resende, Ali Dib, and Nikita Perevalov International Economic Analysis Department
More informationMeasuring the Incidence of Fuel Subsidies
Measuring the Incidence of Fuel Subsidies June 10, 2013 Benedict Clements Division Chief Fiscal Affairs Department International Monetary Fund Welfare impact of fuel subsidy reform Higher domestic prices
More informationThe Effects of the Ecological Tax Reform in Germany
The Effects of the Ecological Tax Reform in Germany The ecological tax reform has been hotly debated since its introduction in Germany in 1999. Apart from the war of words between politicians, it is evident
More informationTaxing electricity consumption in Spain. Evidence to design the Post-Kyoto World *
Taxing electricity consumption in Spain. Evidence to design the Post-Kyoto World * J.M. Cansino a*, M.A. Cardenete b, M. Ordóñez c and R. Román a a University of Seville (Spain), Universidad Autónoma de
More informationEssential Policy Intelligence
1: Methodology Non-Technical Summary By Dan Ciuriak, Jingliang Xiao and Ali Dadkhah The standard tool to analyze trade agreements is a computable general equilibrium (CGE) model. We employ a dynamic version
More informationThe economic impact of pricing CO 2 emissions: Input-Output analysis of sectoral and regional effects
The economic impact of pricing CO 2 emissions: Input-Output analysis of sectoral and regional effects Maurice J.G. Bun this version: October 6, 208 Inputs and comments from Gerbert Hebbink and Laurien
More informationRevenue trends and tax policy
4 Revenue trends and tax policy In brief Nominal gross tax revenue for 2013/14 amounted to R900 billion, a 10.6 per cent or R86.2 billion increase from the prior year. The 2014 Budget projected 10.5 per
More informationThe Controversy of Exchange Rate Devaluation in Sudan
The Controversy of Exchange Rate Devaluation in Sudan An Economy-wide General Equilibrium Assessment Khalid H. A. Siddig International Conference on Economic Modeling, Azores, Portugal: June 29, 2011 Outline
More informationCarbon taxation an instrument for developing countries to raise revenues and support national climate policies
Distr.: General 30 March 2017 Original: English Committee of Experts on International Cooperation in Tax Matters Fourteenth Session New York, 03-06April 2017 Agenda item 3 (b) (vi) Environmental Tax Issues
More informationMeeting with Analysts
CNB s New Forecast (Inflation Report II/2018) Meeting with Analysts Petr Král Prague, 4 May 2018 Outline 1. Assumptions of the forecast 2. The new macroeconomic forecast 3. Comparison with the previous
More informationOil Price Movements and the Global Economy: A Model-Based Assessment. Paolo Pesenti, Federal Reserve Bank of New York, NBER and CEPR
Oil Price Movements and the Global Economy: A Model-Based Assessment Selim Elekdag, International Monetary Fund Douglas Laxton, International Monetary Fund Rene Lalonde, Bank of Canada Dirk Muir, Bank
More informationGENERAL EQUILIBRIUM ANALYSIS OF FLORIDA AGRICULTURAL EXPORTS TO CUBA
GENERAL EQUILIBRIUM ANALYSIS OF FLORIDA AGRICULTURAL EXPORTS TO CUBA Michael O Connell The Trade Sanctions Reform and Export Enhancement Act of 2000 liberalized the export policy of the United States with
More informationMEDIA RELEASE. The road to Copenhagen. Ends Media Contact: Michael Hitchens September 2009
MEDIA RELEASE AUSTRALIAN INDUSTRY GREENHOUSE NETWORK 23 September 2009 The road to Copenhagen The Australian Industry Greenhouse Network today called for more information to be released by the Government
More informationThe Economic Impact of the Montana Board of Research and Commercialization Technology
The Bureau of Business and Economic Research The Economic Impact of the Montana Board of Research and Commercialization Technology March 2014 Prepared for: Montana Board of Research and Commercialization
More informationFiscal Consolidation Strategy: An Update for the Budget Reform Proposal of March 2013
Fiscal Consolidation Strategy: An Update for the Budget Reform Proposal of March 3 John F. Cogan, John B. Taylor, Volker Wieland, Maik Wolters * March 8, 3 Abstract Recently, we evaluated a fiscal consolidation
More informationASEAN Insights: Regional trends
ASEAN Insights: Regional trends March 2018 1. Global trends BUSINESS AND CONSUMER CONFIDENCE ROBUST; US FED HIKES RATES; EQUITY MARKETS FALL The global economic environment remained positive this month.
More informationCHANGING THE TAXATION REGIME FOR INVESTORS IN THE HOUSING MARKET
CHANGING THE TAXATION REGIME FOR INVESTORS IN THE HOUSING MARKET BRIEFING REPORT FOR MASTER BUILDERS AUSTRALIA APRIL 2018 SUMMARY REPORT Housing affordability, particularly for first home buyers, is an
More informationChapter 8. Revenue recycling and environmental policy
Chapter 8. Revenue recycling and environmental policy Recognizing that market-based environmental policies generate substantial revenues for any meaningful emissions reductions, assumptions must be made
More information(
Note 01: What is a CCA? Revised July 2017 What is a Climate Change Agreement? Climate Change Agreements (CCAs) were set up by the UK Government to encourage greater uptake of energy efficiency measures
More informationEconomics Training Series Introductory Course. From Financial Analysis to Economic Analysis
Economics Training Series Introductory Course From Financial Analysis to Economic Analysis 1 Differences between Economic & Financial Analyses: Perspective Benefits and Costs Financial Project entity or
More informationSUMMARY (Danish Economy Autumn 1997)
SUMMARY (Danish Economy Autumn 1997) Chapter I: The International Outlook Economic growth is expected to be around 2½ per cent per year in the OECD in 1997-99. Initially, there are large differences between
More informationCNB Monetary Policy on its Way Back to Normal
CNB Monetary Policy on its Way Back to Normal Luboš KOMÁREK Czech National Bank Spring Meetings 2018 Washington, D.C. Exit from FX commitment % CZK/EUR FX commitment was abandoned on 6 April 2017 as conditions
More informationNBER WORKING PAPER SERIES TWO GENERALIZATIONS OF A DEPOSIT-REFUND SYSTEM. Don Fullerton Ann Wolverton
NBER WORKING PAPER SERIES TWO GENERALIZATIONS OF A DEPOSIT-REFUND SYSTEM Don Fullerton Ann Wolverton Working Paper 7505 http://www.nber.org/papers/w7505 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts
More informationCzech Monetary Policy and Economic Outlook
IMF/WB Annual Meetings 17 Czech Monetary Policy and Economic Outlook Vladimir TOMSIK Vice-Governor Czech National Bank Bank of America Merril Lynch Symposium and JPMorgan Investor Seminar 13 1 October
More informationIncremental cost methodology: potential approaches for the Green Climate Fund
Meeting of the Board 27 February 1 March 2018 Songdo, Incheon, Republic of Korea Provisional agenda item 14(f) GCF/B.19/34 20 February 2018 Incremental cost methodology: potential approaches for the Green
More informationNew Member States Climate Protection and Economic Growth. Macroeconomic implications of a burden sharing non-ets GHG target in Bulgaria and Romania
New Member States Climate Protection and Economic Growth Macroeconomic implications of a burden sharing non-ets GHG target in Bulgaria and Romania Policy Brief 1 Kostas Fragkiadakis ** Carlo C. Jaeger
More information2017 budget. predictions
www.pwc.co.za/budget 2017 budget xxx xxx predictions Tax revenue estimates 2016/17 tax revenues In the 2016 Medium Term Budget Policy Statement (MTBPS), estimates for 2016/17 tax revenues were revised
More informationMeeting with Analysts
CNB s New Forecast (Inflation Report I/2018) Meeting with Analysts Tomáš Holub Prague, 2 February 2018 Outline 1. Assumptions of the forecast 2. The new macroeconomic forecast 3. Comparison with the previous
More informationGHG EMISSIONS TRADING SYSTEMS RATIONALE AND DESIGN ELEMENTS GRZEGORZ PESZKO, LEAD ECONOMIST, WORLD BANK
GHG EMISSIONS TRADING SYSTEMS RATIONALE AND DESIGN ELEMENTS GRZEGORZ PESZKO, LEAD ECONOMIST, WORLD BANK Emission trading systems: definition and rationale Regulation where the government establishes a
More informationGETTING TO AN EFFICIENT CARBON TAX How the Revenue Is Used Matters
32 GETTING TO AN EFFICIENT CARBON TAX How the Revenue Is Used Matters Results from an innovative model run by Jared Carbone, Richard D. Morgenstern, Roberton C. Williams III, and Dallas Burtraw reveal
More informationMACROECONOMIC ANALYSIS OF THE CONFERENCE AGREEMENT FOR H.R. 1, THE TAX CUTS AND JOBS ACT
MACROECONOMIC ANALYSIS OF THE CONFERENCE AGREEMENT FOR H.R. 1, THE TAX CUTS AND JOBS ACT Prepared by the Staff of the JOINT COMMITTEE ON TAXATION December 22, 2017 JCX-69-17 INTRODUCTION Pursuant to section
More informationA Computable General Equilibrium Model of Energy Taxation
A Computable General Equilibrium Model of Energy Taxation André J. Barbé Department of Economics Rice University International Association for Energy Economics June 16, 2014 Barbé A New Model of Energy
More informationEnergy, welfare and inequality: a micromacro reconciliation approach for Indonesia
Energy, welfare and inequality: a micromacro reconciliation approach for Indonesia Lorenza Campagnolo Feem & Ca Foscari University of Venice Venice, 16 January 2014 Outline Motivation Literature review
More informationThe macroeconomic effects of a carbon tax in the Netherlands Íde Kearney, 13 th September 2018.
The macroeconomic effects of a carbon tax in the Netherlands Íde Kearney, th September 08. This note reports estimates of the economic impact of introducing a carbon tax of 50 per ton of CO in the Netherlands.
More informationMACROECONOMIC ANALYSIS OF THE TAX CUT AND JOBS ACT AS ORDERED REPORTED BY THE SENATE COMMITTEE ON FINANCE ON NOVEMBER 16, 2017
MACROECONOMIC ANALYSIS OF THE TAX CUT AND JOBS ACT AS ORDERED REPORTED BY THE SENATE COMMITTEE ON FINANCE ON NOVEMBER 16, 2017 Prepared by the Staff of the JOINT COMMITTEE ON TAXATION November 30, 2017
More informationPolicies to Cope with Volatility of Oil Prices: Oil Importing Countries. Oil Price Volatility is Everywhere and Everpresent
Policies to Cope with Volatility of Oil Prices: Oil Importing Countries Robert Bacon Oil, Gas and Mining Policy Division The World Bank 1 Oil Price Volatility is Everywhere and Everpresent SD of return
More informationDiamonds aren t Forever: A Dynamic CGE Analysis of the Mineral Sector in Botswana Preliminary DRAFT
Diamonds aren t Forever: A Dynamic CGE Analysis of the Mineral Sector in Botswana Preliminary DRAFT Authors: Delfin Go (The World Bank) Scott McDonald (Oxford Brookes University) Karen Thierfelder (U.S.
More informationSupport mechanisms for RES-e
Support mechanisms for RES-e Regional ECREEE Training Workshop on National Renewable Energy Policy and Incentive Schemes Praia, 9-11 April 2012 Sofía Martínez International Relations Department Table of
More informationResponse to UNFCCC Secretariat request for proposals on: Information on strategies and approaches for mobilizing scaled-up climate finance (COP)
SustainUS September 2, 2013 Response to UNFCCC Secretariat request for proposals on: Information on strategies and approaches for mobilizing scaled-up climate finance (COP) Global Funding for adaptation
More informationThe Btu Tax: Effects on Energy Markets and the Southwest
The Btu Tax: Effects on Energy Markets and the Southwest Although the Btu tax is a small part of President Clinton s overall budget package, it has important implications for the energy industry and some
More informationGREENING TAXATION. Approaches to Agriculture. Andrew Kelly. 24 th April TFIAM/TFRN
GREENING TAXATION Approaches to Agriculture Andrew Kelly 24 th April TFIAM/TFRN Certainties & I of V TAXES AND GREEN TAXES IN EUROPE Principal Function of Taxation To Raise Revenue Support wealth redistribution
More informationAUSTRALIA S CARBON POLLUTION REDUCTION SCHEME
AUSTRALIA S CARBON POLLUTION REDUCTION SCHEME AUSTRALIA S CARBON POLLUTION REDUCTION SCHEME Presentation to the Eighth Annual Workshop on Greenhouse Gas Emission Trading Howard Bamsey Deputy Secretary
More informationLong Term Economic Growth Projections and Factor Shares
Long Term Economic Growth Projections and Factor Shares Warwick J. McKibbin Centre for Applied Macroeconomic Analysis, Crawford School of Public Policy, ANU & The Brookings Institution Extension of: Long
More information4. Economic Outlook. ASSUMPTIONS AND SCENARIOS Condition of the International Economy World economic growth is predicted. to remain strong in 2007,
Monetary Policy Report - Quarter II-2007 4. Economic Outlook Overall, the accelerated pace of economic growth of 2007-2008 is predicted to carry forward, being accompanied by sustained macroeconomic stability.
More informationTHE POTENTIAL ROLE OF A CARBON TAX IN U.S. FISCAL REFORM
THE CLIMATE AND ENERGY ECONOMICS PROJECT CLIMATE AND ENERGY ECONOMICS DISCUSSION PAPER JULY 24, 2012 THE POTENTIAL ROLE OF A CARBON TAX IN U.S. FISCAL REFORM WARWICK MCKIBBIN ANU Brookings ADELE MORRIS
More informationNew Study Shows that Returning Carbon Revenues Directly to Households would be Net Financially Positive for the Vast Majority of Households
Carbon Dividends Would Benefit Canadian Families New Study Shows that Returning Carbon Revenues Directly to Households would be Net Financially Positive for the Vast Majority of Households September 24,
More informationColombia. 1. General trends. The Colombian economy grew by 2.5% in 2008, a lower rate than the sustained growth of
Economic Survey of Latin America and the Caribbean 2008-2009 129 Colombia 1. General trends The Colombian economy grew by 2.5% in 2008, a lower rate than the sustained growth of recent years. Indicators
More informationENV/EPOC/WPNEP/T(2009)2/FINAL. Working Party on National Environmental Policies Working Group on Transport
Unclassified ENV/EPOC/WPNEP/T(29)2/FINAL ENV/EPOC/WPNEP/T(29)2/FINAL Unclassified Organisation de Coopération et de Développement Économiques Organisation for Economic Co-operation and Development 3-Sep-29
More informationValue Chain: Concept, history and approaches for socio-economic and policy analysis
Value Chain: Concept, history and approaches for socio-economic and policy analysis Jean Balié, FAO International agricultural seminar: The value chain approach. Collectif Stratégies Alimentaires (CSA),
More informationNon-renewable energy quota scheme for Europe
Non-renewable energy quota scheme for Europe The non-renewable energy quota scheme is a means to achieve an absolute reduction of nonrenewable energy use at EU level with a progressive reduction rate each
More informationPOSITION. ECPA Position on Taxes on Crop Protection Products. Brussels October 16, 2000 D/00/HA/6008
POSITION Brussels October 16, 2000 D/00/HA/6008 ECPA Position on Taxes on Crop Protection Products ECPA 6, Avenue E. Van Nieuwenhuyse. 1160 Brussels. Belgium Tel: +32 2 663 15 50. Fax: +32 2 663 15 60.
More informationNET FISCAL INCIDENCE AT THE REGIONAL LEVEL : A COMPUTABLE GENERAL EQUILIBRIUM MODEL WITH VOTING. Saloua Sehili
NET FISCAL INCIDENCE AT THE REGIONAL LEVEL : A COMPUTABLE GENERAL EQUILIBRIUM MODEL WITH VOTING Saloua Sehili FRP Report No. 20 September 1998 ACKNOWLEDGEMENTS This report is based on the author s dissertation:
More information2. Constitutional principles or rules with influence on the legislative procedure regarding non-fiscal purposed tax rules
Taxation for non-fiscal purposes By Anne Gro Enger 1 1. Introduction Taxation is most of all connected to the idea of providing revenue, but is actually composed by two main purposes: taxation for fiscal
More informationEconomic Impact of Canada s Participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership
Economic Impact of Canada s Participation in the Comprehensive and Progressive Agreement for Trans-Pacific Partnership Office of the Chief Economist, Global Affairs Canada February 16, 2018 1. Introduction
More informationPrinciples And Practice
Surrey Energy Economics Centre Mining And Petroleum Taxation: Principles And Practice Carole Nakhle Revenue Mobilization and Development IMF, DC, 2011 1 Economic Contribution in 52 Developing Countries
More informationGlobal Watch. 1. Overview of the Japanese Economy Conditions Are Showing Improvement at a Moderate Pace... 1
August 21 th 2012 Japanese Economy 1. Overview of the Japanese Economy Conditions Are Showing Improvement at a Moderate Pace.... 1 2. Topic of the Month Is It Correct that Wedding Rings Should Be Made
More informationDEFENCE ESTATE PROJECT: REGIONAL ECONOMIC COSTS AND BENEFITS OF SELECTED AUSTRALIAN DEFENCE FORCE
DEFENCE ESTATE PROJECT: REGIONAL ECONOMIC COSTS AND BENEFITS OF SELECTED AUSTRALIAN DEFENCE FORCE BASES. Study by the Centre of Policy Studies for the Department of Defence This draft: 23 September 2003
More informationGrowing Downstream Value Scotia Howard Weil Conference New Orleans - March 25, 2019 Bryan Milton President, Fuels and Lubricants Company, Exxon Mobil
Growing Downstream Value Scotia Howard Weil Conference New Orleans - March 25, 2019 Bryan Milton President, Fuels and Lubricants Company, Exxon Mobil Corporation CAUTIONARY STATEMENT CAUTIONARY STATEMENT
More informationReview of the Petroleum Price Stabilization Fund in Vietnam
Review of the Petroleum Price Stabilization Fund in Vietnam Le Thi Thuy Van National Institute for Finance Draft paper December 2013 Phase II: Developing a Roadmap for Fossil Fuel Fiscal Policy Reform
More informationThe Economic Impact of Oil Prices
The Economic Impact of Oil Prices by Rurik Krymm During the last three months of 1973, the tax-paid costs of typical grades of crude petroleum in the main producing areas of the world, around the Persian
More informationAssessment of activities for the purposes of the Jobs and Competiveness Program
Assessment of activities for the purposes of the Jobs and Competiveness Program Supplementary guidance v.3 1. Assurance 1.01 What is the Department seeking assurance of? 1.02 How will the Government treat
More information03104 Management and Business Economics Certificate in Accounting and Business I Examination March 2013
SUGGESTED SOLUTIONS 03104 Management and Business Economics Certificate in Accounting and Business I Examination March 2013 THE INSTITUTE OF CHARTERED ACCOUNTANTS OF SRI LANKA All Rights Reserved PAPER
More informationTAXATION AND ENERGY EFFICIENCY
MINISTRY OF FINANCE TAXATION AND ENERGY EFFICIENCY LYUDMILA PETKOVA DIRECTOR, TAX POLICY DIRECTORATE MINISTRY OF FINANCE DECEMBER, 2011 FOCUS OF PRESENTATION The focus of this presentation is on the role
More informationCONTRIBUTION TO THE REVISION OF THE ENERGY TAX DIRECTIVE
Position Paper 5 November 2009 CONTRIBUTION TO THE REVISION OF THE ENERGY TAX DIRECTIVE During the stakeholder meeting on the revision of the Energy Tax Directive (ETD) of 28 September 2009, the European
More informationA N ENERGY ECONOMY I NTERAC TION MODEL FOR EGYPT
A N ENERGY ECONOMY I NTERAC TION MODEL FOR EGYPT RESULTS OF ALTERNATIVE PRICE REFORM SCENARIOS B Y MOTAZ KHORSHID Vice President of the British University in Egypt (BUE) Ex-Vice President of Cairo University
More informationMacroeconomic impacts of limiting the tax deductibility of interest expenses of inbound companies
Macroeconomic impacts of limiting the tax deductibility of interest expenses of inbound companies Prepared on behalf of the Organization for International Investment June 2015 (Page intentionally left
More informationUsing a Carbon Tax to Meet U.S. International Climate Pledges
Using a Carbon Tax to Meet U.S. International Climate Pledges Introduction and Motivation U.S. pledge in the Paris agreement Reduce greenhouse gas emissions by 26-28 percent, relative to 2005, by 2025
More informationWTO Accession and Domestic Reform: Vietnam s Trade Horizons to 2020
WTO Accession and Domestic Reform: Vietnam s Trade Horizons to 2020 David W. Roland-Holst Mills College and University of California, USA Central Institute for Economic Management (CIEM) Hanoi CNAM: The
More informationDRAFT AMENDMENTS TO THE TAX LEGISLATION 2015
DRAFT AMENDMENTS TO THE TAX LEGISLATION 2015 TABLE OF CONTENTS CORPORATE INCOME TAX... 2 New alternatives for supporting the film industry, performer organizations and team sports (tax credit for donation)...
More informationAD HOC WORKING GROUP ON LONG-TERM COOPERATIVE ACTION UNDER THE CONVENTION Resumed seventh session Barcelona, 2 6 November 2009
AD HOC WORKING GROUP ON LONG-TERM COOPERATIVE ACTION UNDER THE CONVENTION Non-paper No. 42 1 06/11/09 @ 17:15 CONTACT GROUP ON MITIGATION Subgroup on paragraph 1(v) of the Bali Action Plan Various approaches
More information