Slovakia mulls 80% tax on proceedings from emission quotas sale.

By bne IntelliNews November 29, 2010
The finance minister Ivan Miklos announced at a news conference that Slovakia might introduce 80% tax on proceedings from the sale with emission quotas, news agency SITA reported. It is expected that the new tax will bring additional EUR 150mn to the state budget. According to an analysis of the Financial Policy Institute (FPI) at the finance ministry, published on the ministry's website, the greenhouse gas emission allowances exceeded the needs of the Slovak companies and the allocation was also disproportionate. The Slovak companies that participate in the European scheme of trading emission quotas, received their quotas free of charge, so a tax on these revenues would not deteriorate the business environment, the FPI pointed out. The analysis estimated that some EUR 666mn revenues could be achieved from the quota trade for the five-year period 2008-2012. For 2008-2009, the over-allocation of allowances for the Slovak companies exceeded 35%, the analysis further estimated, placing Slovakia among the top EU countries. The top performers among the companies were US Steel Kosice (EUR 83.5mn for 2008-2009), Slovenske Elektrarne (EUR 56.8mn) and Slovnaft (EUR 18.6mn).

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