MOSCOW (MRC) -- China's parliament has proposed increasing tax benefits for companies that cut pollution by more than the national standard, state media reported, the first details of a much-anticipated new code aimed at curbing the country's emissions, reported Reuters.
If the plan is passed by the National People's Congress, China's top legislator, companies that reduce emissions to half of the national requirement would only pay half the taxes levied for air, water and soil pollution, Xinhua said.
Companies in the agricultural and transport sectors would be excluded from the new tax law, state radio said. Those industries are much smaller polluters than sectors like steel, coal and oil.
The government won't tax companies for their carbon emissions, as that is already done by China's carbon market, which gives companies an incentive to limit their emissions by issuing emissions permits.
The government has been discussing the new tax law for years, which is aimed at cutting pollution, particularly from heavy industry.
We remind that, as MRC informed previously, earlier this month, The Ministry of Commerce, Government of China, announced it would review anti-dumping duties on purified terephthalic acid (PTA) imported from South Korea and Thailand.
Anti-dumping duties ranging between 2 and 20.1% were imposed on PTA imports from these two countries in August 2010, for a period of five years. The ministry's decision to review these duties follows an application made by domestic producers in June this year requesting the ministry to reinvestigate the case and extend the duties which are due to expire.