New draft ecological tax aims to cut emissions
China’s first draft environmental protection tax law, which is expected to cut pollutant emissions, has been submitted to the country’s top legislative body.
It is aimed at protecting the environment and improving ecological construction by promoting energy conservation and reducing emissions, Finance Minister Lou Jiwei told the bimonthly session of the National People’s Congress Standing Committee.
The draft calls for taxes to be placed on individuals or companies that pollute the air, water or soil, or emit noise pollution. Companies that successfully reduce their level of pollutants emission will be subject to reduced levels of tax.
Companies directly discharging pollutants — especially those in major polluting industries such as thermal power, iron and steel, cement, coal, electrolytic chemical engineering, pharmaceutical and textiles — will be subject to a new tax.
If the first reading and following reviews go well, it could become law by the end of the year, according to the Economic Information Daily.