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2024 | OriginalPaper | Buchkapitel

The European “Fit for 55” Package and the Portuguese Tax Benefits System: Prospective Analysis and Reform Proposals

verfasst von : Filipe de Vasconcelos Fernandes

Erschienen in: Sustainable Finances and the Law

Verlag: Springer Nature Switzerland

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Abstract

The purpose of this brief chapter is to offer a broad-spectrum analysis of the connection between environmental sustainability—under the European “fit for 55” package—and tax policy options in Portugal, particularly at the level of the existing tax benefits system.

Based on the main environmental sustainability standards and principles on a European and global scale, a constructive rationale will be followed in order to analyse the tax benefit options adopted in the Portuguese tax system and possible needs for reform. The purpose is to make it more rational and efficient in a context of energy transition and the pursuit of demanding environmental goals as they ultimately derive from the Paris Agreement.

The reform proposals presented will focus mainly on tax benefits applicable on personal income tax, corporate income tax, excise taxes, and property taxes.

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Vorheriges Kapitel The Use of Windfall Taxes on the Energy Sector to Support the Green Transition in the EU

Nächstes Kapitel “Fit for 55”: The EU Plan for a Green Transition

For an introduction to the subject with no claim to completeness, see Amatucci (1975), p. 351 ss.; Hertzog (1984); Arndt (1995), pp. 11–24; Molina (1996), pp. 108–127; Marchetti (1999), pp. 115–148; Alfano (2012). Additionally, in the Portuguese tax literature, see Lobo (1994), pp. 11–49; Ferreira (2001), pp. 9–32; Soares (2001); Soares (2003), pp. 23–48; Soares (2014), pp. 59–82; Nabais (2003), pp. 23–42 and, more recently, Nabais (2008), pp. 107–144.

World Commission on Environment and Development, Report of the World Commission on Environment and Development (1987), p. 24. The Sustainable Development Goals form the framework for improving the lives of populations around the world and mitigating the hazardous man-made effects of climate change. SDG 13: Climate Action peremptorily requests integrating measures to prevent climate change within development frameworks. SDG 14: Life Below Water, and SDG 15: Life on Land, also call for more sustainable practices in using the earth’s natural resources.

See, at this level, Schratzenstaller (2015), pp. 57–77.

See, in this respect, Surrey (1973).

See Musgrave and Musgrave (1989), p. 552.

See, at this level, Chapman (2019), pp. 1–42.

Over the last decade, economic instruments have been playing a growing role in environmental policies of OECD countries. As has been highlighted by the OECD, a distinctive feature of tax reforms in recent years is the increasing role of environmentally related taxes defined as “as any compulsory, unrequited payment to government levied on tax bases deemed to be of environmental relevance, i.e., taxes that have a tax base with a proven, specific negative impact on the environment”. See OECD. 2020. Policy Instruments for the Environment (PINE) Database, available at: https://pinedatabase.oecd.org/.

See OECD. 2017. Policy Instruments for the Environment – Database 2017.

This is even relevant for statistical purposes—as is the case of Policy Instruments for the Environment (PINE) Database containing key quantitative and qualitative information on six types of policy instruments in 80 countries—OECD members and many others.

More recently, with great interest, see Câmara and Morais (2022).

Directive (EU) 2022/2464 of the European Parliament and of the Council of 14 December 2022 amending Regulation (EU) 537/2014, Directive 2004/109/EC, Directive 2006/43/EC and Directive 2013/34/EU, as regards corporate sustainability reporting.

This set of 21 core and 34 expanded metrics and disclosures were published in September 2020 in the World Economic Forum Report “Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation”. Focused on four themes, People, Planet, Prosperity and Principles of Governance, these metrics and disclosures reflect a six-month consultation process with more than 200 companies, investors, and other interested parties.

The Task Force consists of 31 members from across the G20 representing both preparers and users of financial disclosures.

Council Directive 2003/96/EC of 27 October 2003 restructuring the Community framework for the taxation of energy products and electricity.

Approved by Decree-Law No. 73/2010, of 21 June. Obviously, since we are dealing with Excise Duties, this decree-law serves mainly to transpose Council Directive (EU) 2020/262 of 19 December 2019 laying down the general arrangements for excise duty (which repealed the previous Council Directive 2008/118/EC).

See https://www.consilium.europa.eu/pt/infographics/fit-for-55-eu-emissions-trading-system/.

See https://www.consilium.europa.eu/en/policies/green-deal/fit-for-55-the-eu-plan-for-a-green-transition/#package.

See Proposal for a Council Regulation on the methods and procedure for making available own resources based on the Emissions Trading System, the Carbon Border Adjustment Mechanism and reallocated profits and on the measures to meet cash requirements (available at: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=celex%3A52022PC0101).

Directive 2009/28/EC of the European Parliament and of the Council of 23 April 2009 on the promotion of the use of energy from renewable sources and amending and subsequently repealing Directives 2001/77/EC and 2003/30/EC.

See https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2021)698781.

See https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2021)698045.

See Proposal for a Directive of the European Parliament and of the Council amending Directive (EU) 2018/2001 on the promotion of the use of energy from renewable sources, Directive 2010/31/EU on the energy performance of buildings and Directive 2012/27/EU on energy efficiency.

See https://www.europarl.europa.eu/thinktank/en/document/EPRS_BRI(2022)698883.

See https://www.europarl.europa.eu/RegData/etudes/BRIE/2022/698883/EPRS_BRI(2022)698883_EN.pdf.

See https://www.consilium.europa.eu/pt/infographics/fit-for-55-cbam-carbon-border-adjustment-mechanism/.

Not disregarding the importance that carbon taxation has been object of by the United Nations - even so, outside the scope of “fit-for-55”. On this aspect, see Falcão (2021), pp. 897–914; Grau Ruiz (2022), pp. 247–256.

We will not include any specific aspect linked to VAT, because (at least directly) it does not result in any aspect specifically linked to the “fit-for-55” package. Even so, more recently, on the environmental dimension of VAT, see Traversa and Timmermans (2021), pp. 871–884.

More recently, in a comparative perspective, on the role of incentives, see Kymenvaara (2020), pp. 58–69; Lind (2021), pp. 885–896.

Approved by Decree-Law No. 442-B/88, of November 30.

Approved by Decree-Law No. 442-A/88, of November 30.

Approved by Decree-Law No. 251/89, of July 1.

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Titel: The European “Fit for 55” Package and the Portuguese Tax Benefits System: Prospective Analysis and Reform Proposals
verfasst von: Filipe de Vasconcelos Fernandes
Verlag: Springer Nature Switzerland
Buch: Sustainable Finances and the Law
Print ISBN: 978-3-031-49459-8

Electronic ISBN: 978-3-031-49460-4

Copyright-Jahr: 2024
DOI: https://doi.org/10.1007/978-3-031-49460-4_14