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Climate Change

Singapore carbon tax gallops ahead of Japan and Indonesia levies

Heavy polluters face high costs as city-state sets 'bold' new tone for Asia

Oil refineries near Singapore port terminals in 2013: The city-state's plan to significantly raise its carbon tax is making waves.   © Reuters

SINGAPORE -- Singapore is set on making heavy polluters pay dearly over the next decade if they fail to rein in carbon dioxide emissions.

The financial hub's explicit taxes on such emissions should cement their place as Asia's highest in the coming years, outpacing declared levies in other countries such as Japan and Indonesia. While the city-state has long been thought of as a low-tax destination for business, the policy comes as it seeks a new economic model for the post-COVID era and looks to polish its environmental credentials.

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