November 15, 2023
1 min read

Seoul Urges EU Recognition for Carbon Credit System Amid Border Tax Talks

Kim said South Korea “shares the need for efforts to respond to climate challenges by implementing the CBAM and other regulations, but they should not add unnecessary burdens on companies”…reports Asian Lite News

South Korea asked the European Union on Wednesday to recognise the country’s own carbon credit certification system regarding the EU’s new carbon border tax mechanism in an effort to prevent unnecessary burdens on companies, Seoul’s Finance Ministry said.

South Korea’s First Vice Finance Minister Kim Byoung-hwan made the request during a meeting with Gerassimos Thomas, Director-General in the Directorate-General for Taxation and Customs Union at the European Commission, in Seoul.

The Carbon Border Adjustment Mechanism (CBAM) calls for levying an import charge on steel, cement, electricity, fertiliser, aluminium and other related items equivalent to their carbon emissions from production.

The transition period for the new mechanism began last month before the full implementation in 2026, Yonhap news agency reported.

Kim said South Korea “shares the need for efforts to respond to climate challenges by implementing the CBAM and other regulations, but they should not add unnecessary burdens on companies”.

He then called on the EU to recognise South Korea’s own carbon credit system, which will ease corporate burdens of double taxation.

Thomas said the EU will consider opinions from the South Korean government and businesses, and will continue close consultations on the issue.

The two officials also discussed ways to boost cooperation on base erosion and profit shifting, or BEPS, which refers to multinationals’ tax planning strategies to avoid taxes, according to the Ministry.

ALSO READ-

Previous Story

US House Passes Stopgap Bill to avert to shutdown

Next Story

Braverman Accuses Sunak of ‘Betrayal’ in Fiery Letter

Latest from -Top News

UAE-India pact fuels future biz leaders

MoU between ADSM and UIBC-UC to foster entrepreneurship, mentorship, and collaborative research between UAE and India through 2028 In a landmark partnership aimed at cultivating the next generation of global business leaders,

‘1,563 Indians deported from US so far’

Though the ministry did not specify the reasons behind the deportations, the figure reflects a sharp uptick in removals under the Trump administration’s renewed focus on immigration enforcement…reports Asian Lite News More

Why TRF’s Terror Tag Matters

This wasn’t just counterterror—it was a signal. India fused intel, precision strikes, and tech for a swift, strategic blow. TRF wasn’t just named—it was hit….writes John Spencer  Today, July 17, 2025, the

Jaishankar Hails TRF Terror Tag

The US Secretary of State, Marco Rubio, made the official announcement on Thursday…reports Asian Lite News Reacting to the US designating The Resistance Front (TRF), a proxy of Lashkar-e-Taiba (LeT), as a
Go toTop

Don't Miss

Poland Urges EU to Extend Ukrainian Grain Import Ban

In May, the European Commission imposed a ban on grain

EU to phase out Russian energy

Faced with rising fuel prices, Europe should not be dependent