{"id":2891,"date":"2023-05-09T18:36:46","date_gmt":"2023-05-09T16:36:46","guid":{"rendered":"https:\/\/www.co2news.sk\/?p=2891"},"modified":"2023-05-09T18:36:46","modified_gmt":"2023-05-09T16:36:46","slug":"india-seeks-exemption-for-smes-from-carbon-tax-eu-pushes-for-mutual-recognition","status":"publish","type":"post","link":"https:\/\/www.co2news.sk\/en\/2023\/05\/09\/india-seeks-exemption-for-smes-from-carbon-tax-eu-pushes-for-mutual-recognition\/","title":{"rendered":"India seeks MSME exemption from EU carbon tax, pushes for mutual recognition"},"content":{"rendered":"<p><span>India is seeking an exemption for its micro, small and medium enterprises (MSMEs) from the European Union&#039;s carbon tax, which will be implemented on October 1, 2023. During a meeting of all stakeholders, including top officials of various line ministries such as , business and power, as well as industry leaders from the private sector, a decision was made to assess the level of awareness and find a strategy to move forward.\u00a0<\/span><span>The ministry will also press the European Union to conclude an agreement on the mutual recognition of its carbon certificates.\u00a0<\/span><span>The official said the issue is being addressed bilaterally with the EU and multilaterally at the World Trade Organization as well as other forums.\u00a0<\/span><span>At the bilateral level, India is asking the EU to conclude a mutual recognition agreement and exempt MSMEs in the country.\u00a0<\/span><span>next\u00a0<\/span><span>India&#039;s own Carbon Credit Trading System (CCTS) guidelines are being developed by the Ministry of Power.\u00a0<\/span><span>The introduction of India&#039;s own carbon tax would help Indian exporters reduce the burden of carbon taxes.\u00a0<\/span><span>The European Union is introducing a Carbon Border Adjustment Mechanism (CBAM) from 1 October 2023. CBAM would result in a 20-35 percent tax on selected EU imports from 1 January 2026. Domestic companies from seven carbon-intensive sectors, including steel, cement, fertilizers, aluminum and hydrocarbon products, will have to apply to EU authorities for certificates of compliance to meet CBAM standards.\u00a0<\/span><span>Developing countries like India will have to pay the highest taxes under the Carbon Border Tax (CBT), according to a report by economic think tank GTRI.\u00a0<\/span><span>The think tank also warns that CBT will result in greater trade diversion and more trade between developed countries.\u00a0<\/span><span>GTRI founder Ajay Srivastava said that even if a product from India is cheaper than an American product, the tax plus the cost of the product would make Indian products more expensive.\u00a0<\/span><span>This would lead to EU firms sourcing more from developed countries, causing trade to shift to more expensive suppliers.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>India is seeking an exemption for its micro, small and medium enterprises (MSMEs) from the European Union&#039;s carbon tax, which will be implemented on October 1, 2023. During a meeting of all stakeholders, including top officials from various line ministries such as , commerce and power, as well as industry leaders from the private sector, a decision was taken to assess the level of awareness [\u2026]<\/p>","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2891","post","type-post","status-publish","format-standard","hentry","category-klimaticka-zmena"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts\/2891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/comments?post=2891"}],"version-history":[{"count":0,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/posts\/2891\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/media?parent=2891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/categories?post=2891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.co2news.sk\/en\/wp-json\/wp\/v2\/tags?post=2891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}