“Proposed climate-related taxes should not burden taxpayers,” says tax expert

The need to create a climate-resilient Philippines is bound to open new opportunities for businesses. Mon Abrea, Co-Chair of the Paying Taxes – EODB Task Force, notes that there is a laundry list of proposed taxes related to climate change. Among these are carbon tax, congestion tax, energy tax, air pollution tax, and more.

Climate change has become a growing concern in recent years. The Philippines is a disaster-prone country and is vulnerable to the effects of climate change. The country has experienced earthquakes, volcanic eruptions, and even El Niños.

However, beyond the obvious repercussions on the world as a whole, climate change will also have an impact on a country’s competitiveness. As a fiscal policy and tax consultant, Mon Abrea notes that implementing climate change initiatives can increase climate change support.

However, before implementing policies related to climate change, especially those in the nature of tax incentives, the Climate Change Commission (CCC) must take care to have a balanced scorecard that will objectively measure its goals.

The CCC must also work closely with Congress in order to achieve the country’s target of reducing its greenhouse gas emissions. However, they must be careful to make sure that the proper mechanisms are in place before new taxes are imposed. Otherwise, the burden of these new taxes will just be passed on to the consumers.

Read full article here: https://tinyurl.com/ClimateResilient

CEOs and Business Owners stand to be affected by these new proposed taxes, regardless of the nature of their business. As it is, there are already plenty of tax matters that business owners have to keep in mind. The Asian Consulting Group’s Executive Tax Management Program helps CEOs and business owners employ game-changing tax strategies as well as how to deal with BIR audit without compromises.

On September 22, the Asian Consulting Group will be conducting another Executive Tax Management Program. To sign up, just visit https://tinyurl.com/ETMP2022

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