Incentives boost green steel in Japan - ACCRThe Australasian...

Incentives boost green steel in Japan - ACCR


The Australasian Centre for Corporate Responsibility (ACCR) is commenting on the Japanese government’s announcement last week that it is introducing generous tax breaks for companies producing green steel.

The new preferential tax system will particularly benefit steel makers converting from blast furnaces, which use metallurgical coal, to electric arc furnaces. The details include:
1) Companies producing green steel can claim a tax deduction of 20,000 yen (AUD$209.27) per tonne of production and sales, capped at 40% of corporate tax liability
2) The deduction rate for green steel is up to 75% for the first eight years, 50% in the ninth year, and 25% in the tenth year

3) To qualify for these tax incentives, companies must meet specific criteria including wage increases and capital investment, with the incentive period lasting 10 years from the plan's approval

“These policy levers put Japanese steel makers in a strong position to accelerate their decarbonisation and meet the escalating global demand for green steel."

All I have to say is KAWAII MGT!!!!