Great expectations of the amount of revenue that could be raised from green
taxes have come crashing down, according to a report carried out by the
Institute of Fiscal Studies.
Green taxes are likely to only raise 1% of GDP, the study for the Mirrlees
review has found. The review is skeptical that environmental taxes will bring
any benefits to the economy, the Financial Times reported.
Robert Chote, director of the IFS, said: ‘Enthusiasts often overestimate the
available revenues and claim a ‘double dividend’ of improved environmental and
Among the various other taxes in aid of the environment are higher fuel taxes
and carbon trading, which limits the amount of C02 industries can emit into the
Carbon Trading could make as much as £13bn based on the recommended £80 per
tonne of C02 by the stern review. Currently the price is set in Europe as £15
per tonne but the European Union want that to double before the US and other
nations are due to join in 2020.
Does Darwin's theory apply to taxation? Colin ponders...
The UK tax gap fell in 2014-15 to its lowest-ever level of 6.5%, revealed official statistics published today
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states