Singapore plans to hike carbon tax to curb greenhouse gas emissions
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Update time : 2022-03-02 21:16:21
In order to effectively curb the emissions of greenhouse gas, Singapore planned to raise its carbon tax to S$25/ton in 2024-25 and to S$45/ton in 2026-27 from the current tax rate of S$5/ton. Finance Minister Lawrence Wong said that the country’s long-term goal was to hike its carbon tax to S$50-80/ton by 2030.
However, the government will allow enterprises to offset up to 5% taxable emissions by using high-quality international carbon credits, as an alternative to the taxpaying.
According to market participants, the new carbon tax rate will force the industry to pay much attention to reducing carbon emissions, but it might also affect the competitiveness in the region.
