S.Korea seeks adjustment to EU's carbon tax rules to ease corporate burdens

by IANS |

Seoul, Nov 15 (IANS) South Korea asked the European Union on Wednesday to recognise the country's own carbon credit certification system regarding the EU's new carbon border tax mechanism in an effort to prevent unnecessary burdens on companies, Seoul's Finance Ministry said.

South Korea's First Vice Finance Minister Kim Byoung-hwan made the request during a meeting with Gerassimos Thomas, Director-General in the Directorate-General for Taxation and Customs Union at the European Commission, in Seoul.

The Carbon Border Adjustment Mechanism (CBAM) calls for levying an import charge on steel, cement, electricity, fertiliser, aluminium and other related items equivalent to their carbon emissions from production.

The transition period for the new mechanism began last month before the full implementation in 2026, Yonhap news agency reported.

Kim said South Korea "shares the need for efforts to respond to climate challenges by implementing the CBAM and other regulations, but they should not add unnecessary burdens on companies".

He then called on the EU to recognise South Korea's own carbon credit system, which will ease corporate burdens of double taxation.

Thomas said the EU will consider opinions from the South Korean government and businesses, and will continue close consultations on the issue.

The two officials also discussed ways to boost cooperation on base erosion and profit shifting, or BEPS, which refers to multinationals' tax planning strategies to avoid taxes, according to the Ministry.

Latest News
Nothing has been decided yet: Amit Shah on new CMs of MP, Chhattisgarh and Rajasthan Tue, Dec 05, 2023, 07:12 PM
Focus on World Cup as India, England search for answers in three-match T20I series Tue, Dec 05, 2023, 06:52 PM
RCB skipper Smriti Mandhana bats for multi-city format in WPL Tue, Dec 05, 2023, 06:47 PM
Surpassing records holds true meaning to me with no fixating on personal milestones: Shubman Gill Tue, Dec 05, 2023, 06:38 PM
Google develops AI-powered spam detection to make Gmail safer Tue, Dec 05, 2023, 06:28 PM
Japanese cab driver arrested for killing pigeon Tue, Dec 05, 2023, 06:26 PM
Sonu Sood aids young man for father's heart surgery Tue, Dec 05, 2023, 06:18 PM
Intensify crusade against drug menace: Punjab CM Tue, Dec 05, 2023, 06:13 PM
Cash-for-query row: Delhi HC renotifies Mahua Moitra’s defamation case to Dec 11 Tue, Dec 05, 2023, 06:11 PM
Rahul to tour Malaysia, Indonesia, Singapore, Brunei, Vietnam from Dec 8 Tue, Dec 05, 2023, 06:08 PM
Hold BMC elections with ballot paper, not EVMs, Thackeray dares Maha govt Tue, Dec 05, 2023, 06:04 PM
Copa America to be played in 14 US cities Tue, Dec 05, 2023, 05:23 PM
Bengal school job case: Manik Bhattacharya accuses ED of seizing personal items during arrest Tue, Dec 05, 2023, 05:22 PM
Tractor plows into 2 clashing groups in Bihar, five injured Tue, Dec 05, 2023, 05:14 PM
Revanth Reddy’s supporters stage protest outside Hyderabad hotel Tue, Dec 05, 2023, 05:11 PM