CCS Directive – government proposals for implementation in Poland
- Category: CCS
According to the proposals that are published at the website of the Polish Ministry of the Environment, the legal framework for the activities relating to carbon capture and storage in Poland will be designed by the amendment of the existing Geologic and Mining Law.
The proposal unfortunately does not reveal particulars relating to the form and extent of the required financial security, which are the matters of utmost attention for the bankers, lawyers and insurers interested in CCS.
EUAs traded on the spot market considered financial instruments (in Romania)
- Category: taxation issues
EU-wide exemption of the supply of emission allowances from VAT while allowing for deduction of related costs is extremely needed for the cohesion of the carbon market.
Banking of EUA’s – is the Directive 2003/87/EC properly implemented?
- Category: Emissions trading
Someone wishing to bank emission allowances from second to third trading period can be surprised by the relevant provisions of some national laws of the Member States.
Take for instance the Articles 28 and 29 of the Polish bill on the GHG and other substances emission allowances trading.
The authorization for brokers dealing in CO2 spot markets?
- Category: Emissions trading
The MIFID Directive does not regulate, in general, the legal requirements for spot markets in CO2 emissions allowances. The legal base for such a view is the Article 38 of the Commission Regulation No 1287/2006 of 10 August 2006 (subject to conditions described in detail in the said provision).
On the other hand, taking into account the economic side of the issue, it is often pointed out, that spot trading of EUA, CER and ERU serves, in principle, commercial purposes (and not the speculative ones).
So, in general, in most cases, the commodities spot markets have different, in relation to markets in financial instruments, national legal schemes.
It applies also to Poland, where the Commodity Exchanges Act of 24 October 2000 sets particular requirements as regards CO2 brokers wishing to trade in spot CO2 markets on the Polish Power Exchange.
The new SO2 i NOx emissions market in Poland – some issues are controversial
- Category: Emissions trading
Poland is preparing a new system of emission trading of sulphur dioxides (SO2) and nitrous oxides (NOx).
According to the draft of the new statute, financial institutions won’t be admitted to the market (as well as traders and brokers).
But why the new law restricts the emissions market also as regards the range of possible types of civil contracts?
Current provisions for VAT treatment of CO2 transfers in the EU
- Category: taxation issues
What is current situation in the European Union as regards VAT taxation of transfers of CO2 allowances? The answer is complex.
It should be noted, that four different approaches are being taken across European Union in that matter now.
In the most of EU countries nothing have changed up to now, in some (like United Kingdom, France and Netherlands) in June and July this year were introduced (unilaterally) new measures (different in each of them) and the European Commission also proposes something new – temporary measure in the VAT Directive.
There is of course also a differentiation in VAT treatment of domestic and cross-border transactions.
 Current provisions for VAT treatment of CO2 transfers in the EU.pdf | [ ] | 89 kB |