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Industry News

Japan May Redirect Energy-Related Tax Revenue

LCG, June 10, 2002--Sources within the Japanese government have indicated that by next year, it is likely that taxes from the energy sector will no longer be put towards petroleum extraction and storage, or new power generation.

The moves would be in line with reforms supported by Prime Minster Junichiro Koizumi, who wants such "special revenues" to be used efficiently, and not to bolster sectors, such as highway building, which have no real use for them. The special revenues from energy were no longer needed for petroleum storage projects that have been finished, and no new generation sources have been developed. The revenues will be assigned to general policies and projects, according to sources speaking to The Daily Yomiuri.

The state-owned Japan National Oil Corporation will no longer be a state entity in 2004, further decreasing the justification for the revenues being so assigned. Some of the revenues, equal to roughly $2.2 billion (275 billion yen), have gone towards energy efficiency and research into solar power.
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