Carbon tax cannot be addl source of climate finance: Pranab Mukherjee
India on Saturday strongly opposed imposition of carbon tax as an additional source of funding to fight climate change.
"India believes that some of the measures like carbon export optimisation tax and levy on CDM/offsets violate the principles of the Convention (UNFCCC) as their incidence falls entirely on developing countries and these cannot be recognised as a source of new and additional finance for climate change," Finance Minister Pranab Mukherjee said here.
He was making an intervention at the G20 Finance Ministers' and Central Bank Governors' meeting on Development, Climate and Innovative Financing.
He said global levies on carbon emissions from shipping and aviation should be raised only if a mechanism for refund of revenues collected from developing countries in put in place.
The refund should not be treated as climate change finance flow or a contribution of developing countries to global revenue mobilisation envisaged under the UNFCCC, he said.
"We also feel that the flow of finance leveraged by international finance institutions (IFIs) or the multilateral development banks (MDBs) should be counted towards the overall target only if there is a net additional infusion of capital by the developed countries to the capital base of the MDBs/IFIs," he said.
Mukherjee said the grant or concessional portion of the loans advanced by MDBs on the basis of such new capital only should be counted as new and additional finance for climate change. (Economic Times)
Category : Income Tax | Comments : 0 | Hits : 236
Get Free Daily Updates Via e-Mail on Income Tax, Service tax, Excise and Corporate law
- Income Tax Dept serves notices to salaried individuals for documentary proof to claim exemptions
- Bank Branch Audit 2021 - Update on allotment of Branches
- Bank Branch Audit 2020 Updates
- Bank Branch Audit 2021 Updates
- Bank Branch Audit 2020 - Update on Allotment of Branches
- Police Atrocities towards CA in Faridabad - Its Time to be Unite
- Bank Branch Statutory Audit Updates 2019
- Bank Branch Statutory Audit Updates
- Bank Branch Audit 2022 Updates
- Bank Branch Statutory Audit Updates
- NFRA Imposes Monetary penalty of Rs 1 Crore on M/s Dhiraj & Dheeraj
- ICAI notifies earlier announced CA exam dates despite pending legal challenge before SC
- NFRA debars Auditors, imposes Rs 50 lakh penalties for lapses in Brightcom, CMIL cases
- GST Important Update - Enhancement in the GST Portal
- NFRA Slaps Rs 5 lakh Penalty on Audit Firm for lapses in Vikas WSP Audit Case
- CBDT extends due date for filing Form 10A/10AB upto 30th June, 2024
- RBI comes out with FEMA regulations for direct listing on international exchange
- RBI directs payment firms to track high-value, fishy transactions during elections
- NCLT orders insolvency proceedings against Subhash Chandra
- Income Tax dept starts drive to dispose of appeals, 0.54 million at last count
- Payment of MCA fees –electronic mode-regarding
- Budget '11-12' Parliament Completes Approval Exercise
- Satyam restrained from operating its accounts
- ICICI a foreign firm, subject to FDI norms: Govt
- Maha expects Rs 15 crore entertainment tax revenue from IPL
- CAG blames PMO for not acting against Kalmadi
- No service tax on visa facilitators: CBEC
- Provision of 15-minutes reading and planning time allowance to the candidates of Chartered Accountants Examinations
- Companies Bill to be taken up in Monsoon Session
- File Service Tax Return in time as Maximum Penalty increased 10 times to Rs. 20000

Comments