1. The purpose and significance of fiscal and tax incentives Energy conservation is an area of ​​market failure. Many obstacles need to be overcome. It must be led by the government and given appropriate economic incentives. Energy conservation in the industrial sector has barriers at all stages of the product life cycle, as well as to all energy-saving actors (governments, businesses, consumers, banks, etc.). The purpose of fiscal and tax incentives is to overcome these obstacles.
(1) Enterprises are often unwilling or unable to invest in high-input, high-risk energy-saving scientific research projects. Therefore, government finance must invest in this area.
(2) Energy conservation in industrial enterprises is a highly dispersed secondary investment activity in many cases. The existing capital market operating mechanism makes investment biased towards energy development. This is true of all countries. Moreover, the uncertainty of energy prices has increased the risk of energy-saving investment in enterprises. Therefore, we must have appropriate fiscal and taxation policies to encourage them. Such as tax breaks, loan offers and guarantees.
(3) Many enterprises, especially small and medium-sized enterprises, have a small proportion of energy costs to product costs, or higher energy costs can be recovered through price increases. This makes the company lack the energy-saving enthusiasm and needs to adopt effective incentive policies.
(4) In the initial stage of entering the market, new energy-saving products have small batch sizes and high prices. It is necessary to promote its promotion through tax incentives, user subsidies, government procurement and other measures.
(5) Low-income families are unable to invest in energy conservation. The government is required to provide subsidies.
(6) Energy efficiency is often not the primary factor for consumers to consider terminal energy-consuming equipment and appliances. Incentives such as consumer subsidies are required.
(7) The transaction costs of obtaining reliable information for enterprises and consumers are high. The government wants to provide information services.
(8) Industrial products must successfully adopt international standards to successfully enter the international market and eliminate trade barriers. Financial support and economic incentives should be given to the formulation and implementation of energy efficiency standards.
(9) External costs such as damage to the environment by the company should be internalized. Energy taxes and environmental taxes can be imposed to reduce energy consumption and carbon dioxide emissions as well as damage to public health.
2, fiscal and tax incentives classification and function to promote energy-saving fiscal and taxation policies, according to their functions can be divided into two categories: one is to reduce energy-saving investment costs to promote energy-saving policies, and the second is to increase energy use costs to stimulate energy-saving investment policies.
2.1 Fiscal and taxation policies to reduce energy-saving investment Financial allocations 28 countries have included energy conservation in the public budget. Financial allocations are used for: national energy-saving technology research and development and demonstration projects, corporate energy-saving loan subsidies and guarantees, low-income household energy-saving subsidies, energy-saving policies and regulations research and development, corporate energy audits, energy efficiency standards labeling and implementation, energy-saving information services, energy-saving publicity Education, government agencies, energy conservation, etc.
Tax reductions and exemptions for energy-saving technologies and equipment that meet the specified requirements have been implemented in 23 countries; specific energy-saving equipment is accelerated to depreciate; and enterprises or industries that meet the predetermined energy-saving targets are tax-deductible.
Loan incentives provide low-interest loans or discount loans for energy-saving projects, which have been implemented in 21 countries; guarantees for loans for energy-saving projects.
2.2 Fiscal and taxation policies that increase energy use costs impose energy and environmental taxes on specific fuels and electricity and different users, increase energy use costs to promote energy-saving investments, reduce consumption of taxed energy, and reduce carbon dioxide and atmospheric pollutant emissions. There are 12 countries in Europe that levy environmental taxes, usually carbon dioxide taxes (carbon taxes), the United Kingdom called the climate change tax, and Germany called the ecological tax. Energy tax and environmental tax are a kind of neutral tax, that is, while collecting such taxes, reduce corporate income tax to reduce the negative impact on enterprises.
The high cost of energy tax and environmental tax management may adversely affect the competitiveness of low-income people and certain industries, and it is still controversial.
3. Implementation of fiscal and tax incentives
3.1 The implementation of fiscal and taxation policies that promote energy conservation in conjunction with new energy-saving mechanisms is often combined with new energy-saving mechanisms. The fiscal and tax incentives are necessary conditions and components for the implementation of new energy-saving mechanisms. These new energy-saving mechanisms include: power demand side management, energy service companies, voluntary agreements on energy conservation and emission reduction, industrial energy efficiency networks, energy efficiency standards and labeling, government procurement, etc.
3.2 Fund Public Welfare Fund The Public Welfare Fund is a fund that provides public services and safeguards the public interest in areas that cannot fully rely on market competition. It is a new energy-saving incentive mechanism. The charity fund is used to fund energy conservation and renewable energy technology research and development, energy conservation projects and low-income families. Funds are usually raised by collecting electricity surcharges. In the United States, 25 states have established public welfare funds with an average electricity surcharge of 1.1 mills/kWh (1mill = $0.001). Public welfare funds are administered by state or non-profit organizations.
The Energy Conservation Fund Energy Conservation Fund is usually a revolving fund established by the government and is a long-term and stable energy-saving funding channel. The energy conservation fund established by the Thai government in 1992 has now reached 5 billion US dollars and is one of the world's largest energy conservation funds. The fund is mainly derived from refined oil taxation, and currently invests 60 million to 80 million US dollars annually. The fund is mainly used for demand side management plans implemented by the Thai government. The Energy Conservation Fund is managed by the Department of Energy Conservation and Alternative Energy Development.
The Innovation Fund Energy Conservation Innovation Fund provides energy-saving loans and loan guarantees through the use of guarantee funds, revolving funds and venture funds through energy-saving investment by participating energy service companies. Energy-saving innovation funds have been established in 29 countries.
3.3 Management of fiscal and tax incentives and measures The energy conservation tax incentives are managed by government agencies and relevant energy conservation organizations in accordance with the law.
In Japan, the tax reduction of investment in energy-saving equipment of enterprises is proposed by the Ministry of Economy, Trade and Industry, and the list of target equipment that can enjoy tax incentives. The energy-saving equipment manufacturer first writes a certificate certifying that the equipment meets the tax preferential conditions and submits it to the industry association; After the review, the energy conservation center will be submitted to the Energy Conservation Center for approval. If there is any doubt, the Department of Resources and Energy will consult with the relevant departments of the Ministry of Economy, Trade and Industry, and the General Affairs Department, the Ministry of Health, the Ministry of Environment, and the Ministry of Environment and Environment. And then send the user; the user certificate is reported to the tax authorities.
4. Examples of fiscal and tax incentive policies
4.1 Financial Appropriation and Subsidy Energy-saving Technology Research and Development and Demonstration The Japanese government's energy-saving technology research and development expenditures for 2000 reached US$622 million, ranking first among the member states of the International Energy Agency (IEA). The US Department of Energy's Energy Efficiency and Renewable Energy Agency's 2003 industrial energy-saving technology and power technology research and development budget were 138 million and 394 million US dollars respectively.
Low-income family subsidies In 2002, the US federal government issued $1.7 billion in subsidies to 4.5 million low-income households for energy-saving investments and energy bills.
The Energy Efficiency Standards Labeling and Implementation The Thai Electricity Authority has invested $47 million and $7.8 million in energy efficiency funds for the implementation of room air conditioners and refrigerator energy efficiency, and invested $8 million in publicity expenses. A 30% interest-free loan for consumers who purchase room air conditioners that achieve the highest energy efficiency rating (5 levels). The US Department of Energy has 40 agencies that manage energy efficiency standards for household energy appliances, with an annual funding of $8 million. In order to promote energy-saving products with the "Energy Star" logo, the federal fiscal expenditure in 2001 was 35 million US dollars. Japan’s funding for the International Energy Star logo promotion in 2004 was 220 million yen.
Energy auditing Energy auditing is a mechanism for energy accounting, rational energy use, and energy use review of an enterprise or project. 40 countries have implemented subsidy audits for energy conservation projects. The governments of the United States, Japan and other countries provide free energy audits for SMEs. The US Department of Energy has funded energy audit services for manufacturing SMEs by the Energy Analysis and Diagnostics Center, and has completed more than 8,000 projects to date.
Energy Conservation Propaganda The Japanese government subsidized 1.53 billion yen for energy conservation and renewable energy promotion and popularization activities in non-profit organizations in 2004, and local energy conservation promotion activities subsidized 1.81 billion yen.
Government Institutions Energy Conservation The US Department of Energy manages federal government energy conservation agencies in 2003 with 26 people and a funding of $30.9 million.
4.2 Public Welfare Funds In 2003, 23 state-owned charitable funds for energy conservation reached US$900 million, reducing 1000MW of electricity demand, and the cost of electricity saving during the period was 0.023~0.044 USD/kWh.
4.3 Consumer subsidies In the United States, consumer subsidies are an important policy tool for promoting energy-saving products. State governments and public utility companies have invested heavily in this. In 2001, subsidies for users who purchased energy-efficient household appliances and high-efficiency lighting products were 6330. Ten thousand dollars and 50 million dollars. In California, each energy-efficient refrigerator subsidizes $75 to $125, room air conditioners cost $50 each, washing machines cost $75 each, and compact fluorescent lamps cost $3.5 to $5.5 each.
4.4 Tax Relief In Japan, the energy-saving investment promotion tax system stipulates that if a company purchases energy-saving equipment designated by the government and uses it within one year, it can deduct it from the income tax payable at 7% of the equipment purchase fee, which is 20% of the income tax payable. Limited. In 2004, there were 185 kinds of energy-saving equipment in the industrial sector that enjoyed tax benefits.
In Germany, cogeneration of free oil tax.
Countries such as Romania import energy-saving technologies and equipment to reduce tariffs.
4.5 Accelerated depreciation In Japan, companies purchase government-designated energy-saving equipment, and can extract special depreciation based on 30% of the purchase cost on the basis of ordinary depreciation.
In Canada, the purchase of energy-efficient and renewable energy equipment can accelerate depreciation at 30% of the purchase price.
4.6 Loan Concessions In Japan, about half of the energy-saving investment of industrial enterprises comes from government-designated banks (Japan Policy Investment Bank, SME Finance Public Bank, etc.). Enterprises obtain these loans from the banks in accordance with government-designed equipment, conditions and approval procedures. Concessional loans, whose interest rate is 20% to 30% lower than that of commercial banks, is subsidized by the government. Enterprises borrow from commercial banks, and the government provides guarantees through special reserves. In 2004, there were 91 kinds of equipment for SME energy-saving concessional loans, with a loan limit of 270 million yen, enjoying a special interest rate of one level and a loan repayment period of 15 years.
The French Environment and Energy Administration and the French SME Development Bank have established an energy-saving loan guarantee fund to provide 30% of the loan amount on the basis of guarantees provided by the state for 40% of the loan amount.
4.7 Energy Taxes and Environmental Taxes In Denmark, energy taxes and carbon taxes are imposed on different energy sources and users. The energy tax is calculated on the basis of energy calorific value, the tax rate is about 7 euros/GJ, and the carbon tax rate is 12 euros/t-CO2. Heating is subject to a 100% energy tax plus a 100% carbon tax. For heavy industry enterprises, a 4.8% carbon tax is levied on voluntary agreements, and 27.78% carbon tax is not levied on voluntary agreements. Income from energy taxes and carbon taxes is used for energy conservation subsidies. The contribution of enterprises to energy and carbon taxes to reduce energy consumption is 10%.
In the UK, companies that meet the targets set out in the Energy Conservation Voluntary Agreement are exempt from 80% energy tax and cogeneration is exempt from climate change taxes.
5. Adaptability to China
In the 1980s, China formulated and implemented a series of fiscal and taxation policies to promote energy conservation, but it was almost completely abolished in the reform of the fiscal and taxation system that began in 1994. For example, as early as 1981, a special fund for national energy-saving technological transformation was set up, and the national financial interest subsidy for energy-saving project loans was 50%. In 1998, the special fund for energy-saving technical reform was cancelled. In the 1980s, preferential loans were implemented for loans for energy-saving infrastructure projects. Differential interest rates were introduced from 1991 to 1993. Interest rates for energy-saving infrastructure projects were 30% lower than those for commercial loans. In 1994, differential interest rates were eliminated. Since 1991, the fixed assets investment direction adjustment tax has been implemented. The fixed assets investment adjustment tax such as cogeneration and energy-saving buildings has implemented zero tax rate. On January 1, 2000, the fixed assets investment direction adjustment tax was suspended.
In general, the lack of fiscal and tax incentives is one of the main obstacles to China's promotion of energy conservation. At present, the promotion of resource conservation has been included in the agenda of China's fiscal and taxation system reform. It is actively studying and formulating incentive policies that are in line with the current national conditions, and promotes new energy-saving mechanisms. Among them, power demand side management, energy service companies, and energy efficiency standards have been clearly observed. Progress, government procurement has begun to be implemented, and some local governments are also experimenting with new energy-saving mechanisms, such as energy-saving public welfare funds.
Through international cooperation, China has introduced almost all new energy-saving mechanisms. Some incentive policies have achieved good results in demonstration projects, such as energy-saving project loan guarantees, energy-saving information services, and consumer subsidies.
China is studying the issue of environmental taxes. The introduction of environmental taxes involves not only the adjustment of the current tax system and corporate tax burden, but also the adjustment of regional economic interests and the state's fiscal system. Furthermore, the collection of environmental taxes requires a large number of personnel and equipment to monitor and analyze the pollutants emitted by enterprises, and the current tax collection and management model of “taxpayers’ independent declaration and key audits of tax authorities†makes it easy for polluting enterprises to evade taxes. Reporting and underreporting pollutant emissions, and it is difficult for the tax authorities to obtain reliable credentials afterwards, thus creating a large tax loophole. Therefore, based on the above factors, the conditions for China to levy environmental taxes are not yet mature.
(1) Enterprises are often unwilling or unable to invest in high-input, high-risk energy-saving scientific research projects. Therefore, government finance must invest in this area.
(2) Energy conservation in industrial enterprises is a highly dispersed secondary investment activity in many cases. The existing capital market operating mechanism makes investment biased towards energy development. This is true of all countries. Moreover, the uncertainty of energy prices has increased the risk of energy-saving investment in enterprises. Therefore, we must have appropriate fiscal and taxation policies to encourage them. Such as tax breaks, loan offers and guarantees.
(3) Many enterprises, especially small and medium-sized enterprises, have a small proportion of energy costs to product costs, or higher energy costs can be recovered through price increases. This makes the company lack the energy-saving enthusiasm and needs to adopt effective incentive policies.
(4) In the initial stage of entering the market, new energy-saving products have small batch sizes and high prices. It is necessary to promote its promotion through tax incentives, user subsidies, government procurement and other measures.
(5) Low-income families are unable to invest in energy conservation. The government is required to provide subsidies.
(6) Energy efficiency is often not the primary factor for consumers to consider terminal energy-consuming equipment and appliances. Incentives such as consumer subsidies are required.
(7) The transaction costs of obtaining reliable information for enterprises and consumers are high. The government wants to provide information services.
(8) Industrial products must successfully adopt international standards to successfully enter the international market and eliminate trade barriers. Financial support and economic incentives should be given to the formulation and implementation of energy efficiency standards.
(9) External costs such as damage to the environment by the company should be internalized. Energy taxes and environmental taxes can be imposed to reduce energy consumption and carbon dioxide emissions as well as damage to public health.
2, fiscal and tax incentives classification and function to promote energy-saving fiscal and taxation policies, according to their functions can be divided into two categories: one is to reduce energy-saving investment costs to promote energy-saving policies, and the second is to increase energy use costs to stimulate energy-saving investment policies.
2.1 Fiscal and taxation policies to reduce energy-saving investment Financial allocations 28 countries have included energy conservation in the public budget. Financial allocations are used for: national energy-saving technology research and development and demonstration projects, corporate energy-saving loan subsidies and guarantees, low-income household energy-saving subsidies, energy-saving policies and regulations research and development, corporate energy audits, energy efficiency standards labeling and implementation, energy-saving information services, energy-saving publicity Education, government agencies, energy conservation, etc.
Tax reductions and exemptions for energy-saving technologies and equipment that meet the specified requirements have been implemented in 23 countries; specific energy-saving equipment is accelerated to depreciate; and enterprises or industries that meet the predetermined energy-saving targets are tax-deductible.
Loan incentives provide low-interest loans or discount loans for energy-saving projects, which have been implemented in 21 countries; guarantees for loans for energy-saving projects.
2.2 Fiscal and taxation policies that increase energy use costs impose energy and environmental taxes on specific fuels and electricity and different users, increase energy use costs to promote energy-saving investments, reduce consumption of taxed energy, and reduce carbon dioxide and atmospheric pollutant emissions. There are 12 countries in Europe that levy environmental taxes, usually carbon dioxide taxes (carbon taxes), the United Kingdom called the climate change tax, and Germany called the ecological tax. Energy tax and environmental tax are a kind of neutral tax, that is, while collecting such taxes, reduce corporate income tax to reduce the negative impact on enterprises.
The high cost of energy tax and environmental tax management may adversely affect the competitiveness of low-income people and certain industries, and it is still controversial.
3. Implementation of fiscal and tax incentives
3.1 The implementation of fiscal and taxation policies that promote energy conservation in conjunction with new energy-saving mechanisms is often combined with new energy-saving mechanisms. The fiscal and tax incentives are necessary conditions and components for the implementation of new energy-saving mechanisms. These new energy-saving mechanisms include: power demand side management, energy service companies, voluntary agreements on energy conservation and emission reduction, industrial energy efficiency networks, energy efficiency standards and labeling, government procurement, etc.
3.2 Fund Public Welfare Fund The Public Welfare Fund is a fund that provides public services and safeguards the public interest in areas that cannot fully rely on market competition. It is a new energy-saving incentive mechanism. The charity fund is used to fund energy conservation and renewable energy technology research and development, energy conservation projects and low-income families. Funds are usually raised by collecting electricity surcharges. In the United States, 25 states have established public welfare funds with an average electricity surcharge of 1.1 mills/kWh (1mill = $0.001). Public welfare funds are administered by state or non-profit organizations.
The Energy Conservation Fund Energy Conservation Fund is usually a revolving fund established by the government and is a long-term and stable energy-saving funding channel. The energy conservation fund established by the Thai government in 1992 has now reached 5 billion US dollars and is one of the world's largest energy conservation funds. The fund is mainly derived from refined oil taxation, and currently invests 60 million to 80 million US dollars annually. The fund is mainly used for demand side management plans implemented by the Thai government. The Energy Conservation Fund is managed by the Department of Energy Conservation and Alternative Energy Development.
The Innovation Fund Energy Conservation Innovation Fund provides energy-saving loans and loan guarantees through the use of guarantee funds, revolving funds and venture funds through energy-saving investment by participating energy service companies. Energy-saving innovation funds have been established in 29 countries.
3.3 Management of fiscal and tax incentives and measures The energy conservation tax incentives are managed by government agencies and relevant energy conservation organizations in accordance with the law.
In Japan, the tax reduction of investment in energy-saving equipment of enterprises is proposed by the Ministry of Economy, Trade and Industry, and the list of target equipment that can enjoy tax incentives. The energy-saving equipment manufacturer first writes a certificate certifying that the equipment meets the tax preferential conditions and submits it to the industry association; After the review, the energy conservation center will be submitted to the Energy Conservation Center for approval. If there is any doubt, the Department of Resources and Energy will consult with the relevant departments of the Ministry of Economy, Trade and Industry, and the General Affairs Department, the Ministry of Health, the Ministry of Environment, and the Ministry of Environment and Environment. And then send the user; the user certificate is reported to the tax authorities.
4. Examples of fiscal and tax incentive policies
4.1 Financial Appropriation and Subsidy Energy-saving Technology Research and Development and Demonstration The Japanese government's energy-saving technology research and development expenditures for 2000 reached US$622 million, ranking first among the member states of the International Energy Agency (IEA). The US Department of Energy's Energy Efficiency and Renewable Energy Agency's 2003 industrial energy-saving technology and power technology research and development budget were 138 million and 394 million US dollars respectively.
Low-income family subsidies In 2002, the US federal government issued $1.7 billion in subsidies to 4.5 million low-income households for energy-saving investments and energy bills.
The Energy Efficiency Standards Labeling and Implementation The Thai Electricity Authority has invested $47 million and $7.8 million in energy efficiency funds for the implementation of room air conditioners and refrigerator energy efficiency, and invested $8 million in publicity expenses. A 30% interest-free loan for consumers who purchase room air conditioners that achieve the highest energy efficiency rating (5 levels). The US Department of Energy has 40 agencies that manage energy efficiency standards for household energy appliances, with an annual funding of $8 million. In order to promote energy-saving products with the "Energy Star" logo, the federal fiscal expenditure in 2001 was 35 million US dollars. Japan’s funding for the International Energy Star logo promotion in 2004 was 220 million yen.
Energy auditing Energy auditing is a mechanism for energy accounting, rational energy use, and energy use review of an enterprise or project. 40 countries have implemented subsidy audits for energy conservation projects. The governments of the United States, Japan and other countries provide free energy audits for SMEs. The US Department of Energy has funded energy audit services for manufacturing SMEs by the Energy Analysis and Diagnostics Center, and has completed more than 8,000 projects to date.
Energy Conservation Propaganda The Japanese government subsidized 1.53 billion yen for energy conservation and renewable energy promotion and popularization activities in non-profit organizations in 2004, and local energy conservation promotion activities subsidized 1.81 billion yen.
Government Institutions Energy Conservation The US Department of Energy manages federal government energy conservation agencies in 2003 with 26 people and a funding of $30.9 million.
4.2 Public Welfare Funds In 2003, 23 state-owned charitable funds for energy conservation reached US$900 million, reducing 1000MW of electricity demand, and the cost of electricity saving during the period was 0.023~0.044 USD/kWh.
4.3 Consumer subsidies In the United States, consumer subsidies are an important policy tool for promoting energy-saving products. State governments and public utility companies have invested heavily in this. In 2001, subsidies for users who purchased energy-efficient household appliances and high-efficiency lighting products were 6330. Ten thousand dollars and 50 million dollars. In California, each energy-efficient refrigerator subsidizes $75 to $125, room air conditioners cost $50 each, washing machines cost $75 each, and compact fluorescent lamps cost $3.5 to $5.5 each.
4.4 Tax Relief In Japan, the energy-saving investment promotion tax system stipulates that if a company purchases energy-saving equipment designated by the government and uses it within one year, it can deduct it from the income tax payable at 7% of the equipment purchase fee, which is 20% of the income tax payable. Limited. In 2004, there were 185 kinds of energy-saving equipment in the industrial sector that enjoyed tax benefits.
In Germany, cogeneration of free oil tax.
Countries such as Romania import energy-saving technologies and equipment to reduce tariffs.
4.5 Accelerated depreciation In Japan, companies purchase government-designated energy-saving equipment, and can extract special depreciation based on 30% of the purchase cost on the basis of ordinary depreciation.
In Canada, the purchase of energy-efficient and renewable energy equipment can accelerate depreciation at 30% of the purchase price.
4.6 Loan Concessions In Japan, about half of the energy-saving investment of industrial enterprises comes from government-designated banks (Japan Policy Investment Bank, SME Finance Public Bank, etc.). Enterprises obtain these loans from the banks in accordance with government-designed equipment, conditions and approval procedures. Concessional loans, whose interest rate is 20% to 30% lower than that of commercial banks, is subsidized by the government. Enterprises borrow from commercial banks, and the government provides guarantees through special reserves. In 2004, there were 91 kinds of equipment for SME energy-saving concessional loans, with a loan limit of 270 million yen, enjoying a special interest rate of one level and a loan repayment period of 15 years.
The French Environment and Energy Administration and the French SME Development Bank have established an energy-saving loan guarantee fund to provide 30% of the loan amount on the basis of guarantees provided by the state for 40% of the loan amount.
4.7 Energy Taxes and Environmental Taxes In Denmark, energy taxes and carbon taxes are imposed on different energy sources and users. The energy tax is calculated on the basis of energy calorific value, the tax rate is about 7 euros/GJ, and the carbon tax rate is 12 euros/t-CO2. Heating is subject to a 100% energy tax plus a 100% carbon tax. For heavy industry enterprises, a 4.8% carbon tax is levied on voluntary agreements, and 27.78% carbon tax is not levied on voluntary agreements. Income from energy taxes and carbon taxes is used for energy conservation subsidies. The contribution of enterprises to energy and carbon taxes to reduce energy consumption is 10%.
In the UK, companies that meet the targets set out in the Energy Conservation Voluntary Agreement are exempt from 80% energy tax and cogeneration is exempt from climate change taxes.
5. Adaptability to China
In the 1980s, China formulated and implemented a series of fiscal and taxation policies to promote energy conservation, but it was almost completely abolished in the reform of the fiscal and taxation system that began in 1994. For example, as early as 1981, a special fund for national energy-saving technological transformation was set up, and the national financial interest subsidy for energy-saving project loans was 50%. In 1998, the special fund for energy-saving technical reform was cancelled. In the 1980s, preferential loans were implemented for loans for energy-saving infrastructure projects. Differential interest rates were introduced from 1991 to 1993. Interest rates for energy-saving infrastructure projects were 30% lower than those for commercial loans. In 1994, differential interest rates were eliminated. Since 1991, the fixed assets investment direction adjustment tax has been implemented. The fixed assets investment adjustment tax such as cogeneration and energy-saving buildings has implemented zero tax rate. On January 1, 2000, the fixed assets investment direction adjustment tax was suspended.
In general, the lack of fiscal and tax incentives is one of the main obstacles to China's promotion of energy conservation. At present, the promotion of resource conservation has been included in the agenda of China's fiscal and taxation system reform. It is actively studying and formulating incentive policies that are in line with the current national conditions, and promotes new energy-saving mechanisms. Among them, power demand side management, energy service companies, and energy efficiency standards have been clearly observed. Progress, government procurement has begun to be implemented, and some local governments are also experimenting with new energy-saving mechanisms, such as energy-saving public welfare funds.
Through international cooperation, China has introduced almost all new energy-saving mechanisms. Some incentive policies have achieved good results in demonstration projects, such as energy-saving project loan guarantees, energy-saving information services, and consumer subsidies.
China is studying the issue of environmental taxes. The introduction of environmental taxes involves not only the adjustment of the current tax system and corporate tax burden, but also the adjustment of regional economic interests and the state's fiscal system. Furthermore, the collection of environmental taxes requires a large number of personnel and equipment to monitor and analyze the pollutants emitted by enterprises, and the current tax collection and management model of “taxpayers’ independent declaration and key audits of tax authorities†makes it easy for polluting enterprises to evade taxes. Reporting and underreporting pollutant emissions, and it is difficult for the tax authorities to obtain reliable credentials afterwards, thus creating a large tax loophole. Therefore, based on the above factors, the conditions for China to levy environmental taxes are not yet mature.
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