Green tax not a cure-all for environmental ills: ACCA

Green tax is not a panacea for environmental ills, according to a policy paper of the Association of Chartered Certified Accountants (ACCA).
ACCA published the report -- Green Taxation in a Recession -- prepared by its Head of Taxation Chas Roy Chowdhury in August, the association said in a statement yesterday.
“It is clear to ACCA, as a global body, that due to the on-going global recession and economic uncertainty, governments are looking to environmental taxation as a possible way to bolster tax revenues," Chowdhury said.
“Environmental taxation cannot both solve the environmental crisis and raise significant tax income for the long term. This is because a system aimed at reducing what it is taxing, if successful, will eventually destroy its own tax base.”
He spoke at a press meet hosted by the ACCA Bangladesh at its Gulshan office in Dhaka recently to express ACCA's views on global tax policy in light of worldwide economic downturn with emphasis on green taxation.
Mohua Rashid, country head of ACCA Bangladesh, and Monirul Hassan, business development manager, were also present.
The global body for professional acco-untants, ACCA was founded in 1904 and currently has operations in 170 countries.