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An Exploration of Green Tax Incentives and Penalties The KPMG Green Tax Index An exploration of green tax incentives and penalties July 2017 kpmg.com © 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. NDPPS 655445 Contents Foreword and About the KPMG Green Tax Index 04 The Index: country rankings 06 Indicator sources 12 Key findings 13 Appendices 104 Contact information 110 The following information is not intended to be “written advice concerning one or more Federal tax matters” subject to the requirements of section 10.37(a)(2) of Treasury Department Circular 230. The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser. © 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered The KPMG Green Tax Index 3 trademarks or trademarks of KPMG International. NDPPS 655445 Foreword and About the KPMG Green Tax Index Why the Index and others, to provide a picture of the damage (not just as a result of carbon Increasingly, climate change pervades effectiveness of various governmental emissions). Mexico also passed the tax policy decisions. In fact, the use regulations on behavior, the scope of General Law for Climate Change of tax policy to drive green behavior environmental policies, the degree to (“Ley General de Cambio Climático”). continues to grow throughout the which environmental policies affect This law establishes an additional world. As of July 2017, 155 out of 197 environmentally harmful behavior, National Registry of Emissions (RENE) parties ratified the Paris Agreement and the revenue generated from where entities with yearly emissions which chartered new grounds, environment-related policies. greater than 25,000 tons of CO2 bringing many nations into a common equivalents are required to report What did we find cause to undertake ambitious efforts annual emissions. Several regions of the world that did to combat climate change.1 In not previously focus on green tax Also, in 2016, Argentina’s President addition, the Paris Agreement provides policy are now increasing investments Mauricio Macri launched Plan enhanced support to assist developing in this space. Of note, as of 2014, the RenovAr, focusing on the development countries to participate in the fight countries of Latin America produced of clean energy, in particular solar and against climate change. In 2018, 53 percent of their electricity from wind power,4 as well as long-standing and every five years thereafter, the renewable sources, compared with a tax policies to ensure the success participating parties will review their world average of 22 percent.2 of renewables. The plan allows tax collective efforts related to the goals incentives for businesses that develop set forth in the Paris Agreement. Colombia, in 2015, established an clean energy projects. action plan with strategies, including Whether due to the Paris Agreement incentives, to achieve reduced These examples are some of the or other factors, there has been environmental impacts, improving many reasons that Latin America is an increasing number of tax policy quality of life and access to clean and rising to the top of the renewable changes in the sustainability space. renewable energy sources.3 Chile energy market. KPMG has created the second established a carbon tax in 2014, as Green Tax Index to further increase None of these Latin American part of its government’s Tax Reform awareness of the evolving and countries have an Environmental initiative. In addition, in 2016, Chile complex global tax policy landscape. Performance Index rating, which implemented a green tax on all new Similar to the initial Index, this version indicates large and well-implemented vehicles sold. Mexico, which in 2013 strives to encourage companies to programs and policies. All have lower had little focus on environmental explore the opportunities of green tax Environmental Policy Stringency protection, has recently addressed incentives and to reduce exposure to rankings, which indicate stricter the issue. In 2016, Mexico passed green tax penalties. Different from the policies, such as taxes and penalties. the General Law for Environmental first Index, this report uses various This makes sense as typically the Protection (“Ley General de data sources, such as Organisation programs in these countries are newer Equilibrio Ecológico y la Protección al for Economic Co-Operation and and less likely to yet have made an Ambiente”), which imposes penalties Development (OECD), World Bank, impact. on entities that create environmental 1 See http://unfccc.int/paris_agreement/items/9485.php. 2 See “Latin America is set to become a leader in alternative energy,” The Economist, http://www.economist.com/news/ americas/21711307-power- andean-sun-latin-america-set-become- leader-alternative-energy 3 See National Programme for the Rational and Efficient Use of Energy. 4 See “President Macri Launches Renewable Energy Plan ‘RenovAr,’ The Argentina Independent, May 18, 2016.” © 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered trademarks or trademarks of KPMG International. NDPPS 655445 Other areas of the world, such as the completely exempt. In addition, — Green vehicles Nordic and other European countries, investment subsidies are provided — Green buildings continue to rank extremely high in for the purchase of photovoltaic- the effectiveness of their regulatory panels as well as for production of — Water policies. Many of these countries have electricity from wind or solar sources. — Material resources and waste the environmental resources (such The Netherlands and Germany also as wind power) and long-standing post high results. Germany provides — Pollution and ecosystems tax policy to ensure the success of a value-added-tax (VAT) refund for — Innovation renewable energy. Denmark, Finland, the purchase of renewable energy Germany, the Netherlands, and equipment, as well as an energy — Food Sweden rank in the top ten of the tax exemption for the production of Who may be interested Environmental Performance Index electricity from renewable sources. Every country listed on the Index rating. Sweden and Finland rank in In the Netherlands, depreciation is has a green tax system that warrants the top ten for environmental policy available for qualifying environmentally attention. Countries with no green stringency. In addition, Denmark, friendly assets under the Willekeurige tax incentives or penalties are not Finland, and Sweden rank as the top Afschrijving Milieu-Investeringen included in the sample of countries three countries, evaluated as part program. reviewed here. Companies that of this review, in environmental tax On June 1, 2017, the United States operate or plan to operate in these revenues, which provides a measure withdrew from the Paris Agreement. It markets, particularly in those with a of how much revenue the government is still uncertain what steps the United significant number of incentives or receives from environment-related States government under the new penalties, are advised to fully evaluate policies. administration will take to encourage such policies, as well as the before Environmental policy began as far behavior, or whether sweeping and after tax effects, to create a back as the 1970s. At that time, changes to its income tax system complete business model. Denmark introduced a packaging tax will be enacted, either of which could to reduce waste and increase the change behavior. reuse and recycle rate of packaging. In About the Index the early 1990s, Denmark introduced This Index is organized by country, a carbon tax. Finland taxes coal, providing various indices, as well as natural gas, fuel peat, tall oil, and liquid a summary of various incentives or fuels. Sulfur-free light fuel oil used penalties in effect, organized by the in heating and machinery is taxed following nine policy areas: at a lower rate than fuel containing sulfur. Sweden taxes many fuels — Carbon and climate change used for transportation and heating, — Renewable energy and fuels while some renewable fuels are © 2017 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name and logo are registered The KPMG Green Tax Index 5 trademarks or trademarks of KPMG International. NDPPS 655445 The Index: country rankings The following rankings can be evaluated against each economy’s tax policy to determine the effectiveness of their actions. Development of Environmentally Development of Diffusion of Relative advantage environment-related related government Energy public RD&D environment-related environment-related Country Rank Rank Rank Rank in environment-
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