BusinessCompany NewsBusinesses unclear about green tax incentives

Businesses unclear about green tax incentives

UK companies don't know what green tax incentives are available to them if they are more environmentally friendly

Businesses are unclear about what tax incentives are available if they are
more environmentally friendly, according to a global PwC survey.

In the UK four out of five respondents were unclear as to which environmental
tax incentives were available to them. Of those that were aware, three quarters
felt meeting the criteria was too “onerous” to make them worth
applying for.

Although 94% of British companies feel the way they conduct business over the
next two to three years will be affected by climate change, two out of three
still believe environmental policies are “unclear”.

The study looked at the attitudes of 700 businesses across 15 countries
towards environmental taxes and regulations.

Mark Schofield, global leader of sustainability and climate change tax at
PwC, said: “As with many tax and regulation issues, the call for action is for
one of simplification, clarity and long term certainty.”

Two thirds of UK companies indicated a strong preference for government to
take the lead in tackling climate change through policy and regulations,
compared with just a quarter of US counterparts feeling the same way.

Less than a fifth of UK respondents felt there was “joined up thinking” from
government departments, bodies and agencies when it came to climate change.

Just a day before the upcoming budget David Cameron should note that 64% of
businesses globally are supportive of a carbon tax or levy.

The survey Appetite for Change: Global business perspectives on tax and
regulation for a low carbon economy, interviewed the largest businesses by
turnover from various countries including the UK, US, Brazil, Australia, France
Germany, China and Russia.

Further reading:

Profession
must lead the way on climate change

PwC
launches green reporting model

Cracks
appear in carbon emissions accounting

Global
business invests in carbon accounting

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