https://apnews.com/article/climate-change-business-europe-austria-1b30ccdced4371bc5c7b306fca5e7c6e

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  * Business
  * Europe
  * Austria

Austria to introduce new carbon tax from mid-2022

October 3, 2021 GMT

BERLIN (AP) -- The Austrian government has announced plans to reform
the country's tax system in an effort to curb greenhouse gas
emissions.

The government said Sunday that it will introduce a new carbon tax
beginning on July 1, 2022, and will return that money to residents in
the form of a "climate bonus."

Starting next year, Austrians will find themselves having to pay 30
euros (almost $35) per ton of CO2 -- a cost that's likely to be added
to consumer bills by companies. That will rise to 55 euros ($64) per
ton in 2025.

The government expects to generate about 5 billion euros ($5.8
billion) from the tax by 2025.

Each resident in Austria will get an annual reimbursement, with the
exact amount determined by where they live to ensure those in rural
regions without good public transport don't lose out. Children are
entitled to half their parents' amount -- so a family of two adults
and two children in Vienna could expect to get 300 euros ($358) for
example.

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The goal is to encourage people to opt for climate-friendly forms of
transportation and heating by making carbon-intensive choices more
expensive, without adding to the overall tax burden.

The governing coalition of Chancellor Sebastian Kurz's conservative
People's Party and the environmentalist Greens also announced income
tax cuts, a reduction in some health insurance charges and other
measures that mainly benefit families and low-and-medium income
groups.

It also plans to reduce taxes for companies, particularly those in
energy-intensive industries that will be hit hardest by the new
carbon tax.

___

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