VATIS UPDATE Article

China’s parliament passed a law that will levy specific environmental protection taxes on industry for the first time from 2018, as part of a renewed focus on fighting the country’s pollution woes. “Tax revenue is an important economic means to promote environmental protection,” the Finance Ministry said in a statement.

The tax rate will be 1.2 yuan ($0.17) per unit of atmospheric pollution, 1.4 yuan per unit of water pollution, 5 yuan per tonne of coal waste and 1,000 yuan per tonne of “hazardous waste”. Industrial noise polluters will also be levied 350 yuan per month if they exceed limits by 1-3 decibels, 700 yuan for 4-6 decibels and 11,200 yuan per month for 16 decibels and more.