Thursday, October 21, 2021

Austria to introduce new carbon tax from mid-2022

BERLIN (WNN) — The Austrian government has announced plans to reform the country’s tax system in an effort to curb greenhouse gas emissions.

The government said on Sunday it would introduce a new carbon tax from July 1, 2022, and return that money to residents as a “climate bonus.”

Starting next year, Austrians will have to pay 30 euros (about $35) per tonne of CO2 – a cost likely to be added by companies to consumer bills. This will increase to 55 euros ($64) per ton in 2025.

The government expects to generate about 5 billion euros ($5.8 billion) from the tax by 2025.

Every resident in Austria will receive an annual reimbursement, with the exact amount where they live, to ensure that rural areas do not suffer losses without good public transport. Children are entitled to half their parents’ amount – so a family of two adults and two children in Vienna can expect to receive 300 euros ($358), for example.

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Its goal is to encourage people to choose climate-friendly forms of transportation and heating by making carbon-intensive alternatives more expensive without adding to the overall tax burden.

Chancellor Sebastian Kurz’s governing coalition of the conservative People’s Party and environmentalist Greens also announced income tax cuts, reductions in some health insurance charges and other measures that mainly benefit families and low and middle income groups.

It also plans to reduce taxes for companies, particularly those in energy-intensive industries that will be most affected by the new carbon tax.

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