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S Korea to Impose $2,400 Carbon Tax in 2015 Print E-mail
by Tom McGregor    Mon, Jun 23, 2014, 11:54 PM

All South Korean drivers will be required to pay as much as $2,400 in annual carbon taxes starting in 2015.

The JoongAng Daily reports that, "The price of a car sold in Korea could rise by a maximum of 2.43 million won ($2,386) in 2020 if the new carbon tax on vehicles goes into effect next year, according to a report released by the Korea Economic Research Institute (KERI) yesterday."

KERI is quoted as saying that, “Compared to domestic car buyers, those who buy imported cars will be less burdened considering the price difference between domestic cars and imports.”

According to the JoongAng Daily, "The state-funded think tank said that the “low-carbon vehicle cooperation fund” should be reconsidered because it could be too much of a burden on consumers and Korean automakers. The carbon tax system is designed to subsidize consumers who buy a car with low carbon emissions and tax those who purchase a car with high emissions in a bid for a cleaner environment. Details of the system are still being discussed between the Ministry of Environment and the Ministry of Trade, Industry and Energy."

Carbon taxes would likely derail the South Korean economy.

To read the entire article from the JoongAng Daily, link here:

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