SUSTAINABLE TAXES IN AN OPEN ECONOMY

Sustainable taxes in an open economy refer to taxation systems that promote sustainable development in a globalized world, where goods and services are produced, traded, and consumed across national borders. In an open economy, sustainable taxes must consider the potential effects of trade and inter...

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Bibliographic Details
Published inTuriba University. International Scientific Conference pp. 7 - 15
Main Authors Alimbarashvili, Daviti, Vevere, Velga
Format Conference Proceeding
LanguageEnglish
Published Riga Turiba University 01.04.2023
Subjects
Biodiversity
Carbon
Climate change
Economic growth
Egyptian civilization
Emission standards
Emissions
Environmental impact
Environmental policy
Fiscal policy
Global economy
Greenhouse gases
Income taxes
International cooperation
International trade
Natural resources
Regulation of financial institutions
Sustainable development
Taxation
Egypt
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Summary:Sustainable taxes in an open economy refer to taxation systems that promote sustainable development in a globalized world, where goods and services are produced, traded, and consumed across national borders. In an open economy, sustainable taxes must consider the potential effects of trade and international competition, as well as the opportunities for international cooperation and coordination. One way to implement sustainable taxes in an open economy is through the use of border carbon adjustments (BCAs), which are taxes imposed on imported goods based on their carbon footprint. Another approach to sustainable taxes in an open economy is to promote international cooperation through initiatives such as the Paris Agreement, which aims to limit global temperature increase by reducing greenhouse gas emissions. Sustainable taxes can be used to fund international climate initiatives and provide financial incentives for countries to adopt more sustainable practices. However, implementing sustainable taxes in an open economy can also be present challenges, such as the potential for trade disputes and the need for coordination among countries with different economic and environmental priorities. To overcome these challenges, sustainable taxes must be designed with careful consideration of international economic and political dynamics, while promoting sustainable development and environmental protection.