TaxCorporate TaxGreater tax cuts demanded on green fuels

Greater tax cuts demanded on green fuels

Lord Whitty, the farming minister, has demanded the Treasury introduce greater tax incentives for environmentally friendly fuels.

Link: Tax incentives to encourage use of green fuels

Speaking in front of a Commons environment committee, Lord Whitty said the 20p cut agreed by the Treasury in 2002 was insufficient, the FT reported.

The incentive applies to biodiesel and bioethanol fuels, which are widely seen as an effective way of reducing carbon emmission as demanded under the Kyoto protocol on global warming.

‘Some increase in fiscal cut would be desirable to mobilise the market,’ Lord Whitty said.

Around 10% of arable land must be converted to growing crops to produce the fuels to meet an EU directive which has set a target of 5.75% by 2010.

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