Vietnam tries to tax its way to greenliness
Vietnam is to clean up its environmental act with a sweeping new tax on products ranging from plastic bags to pesticides according to a report in the Vietnam Business News.
Last week, the National Assembly Standing Committee signed off on a move to slap an environmental protection tax on coal, petroleum and lubricants, plastic bags, hydrochlorofluorocarbons (HCFCs), pesticides, termite-killing drugs and forest product preservatives. The tax will be introduced on January 1, next year.
The products covered by the tax are considered the most environmentally damaging. They also contribute the lion's share of Vietnam's emissions to the earth's atmosphere.
Vietnam's National Assembly passed the Law on Environmental Protection Tax in mid-November, 2010 in an effort to help the country reduce pollution, protect natural resources and build a green economy.
The country expected to rake in an additional VND14.48 trillion (USD724 million) from the new taxes, said a government report on the resolution.