OMNI Features｜UK to implement carbon levy on imported goods by 2027 / Minimum Wage Act Passes Third Reading

UK to implement carbon levy on imported goods by 2027

　　Britain will implement a new carbon import levy on some products from 2027 to help to protect businesses against cheaper imports from countries with less strict climate policies, the government said on Monday. The planned carbon border adjustment mechanism (CBAM) will apply to carbon-intensive products in the iron, steel, aluminum, fertilizer, hydrogen, ceramics, glass, and cement sectors. The charge applied will depend on the amount of carbon emitted in the production of the imported good and any gap between the carbon price applied in the country of origin and the carbon price faced by UK producers.

Minimum Wage Law Passes Third Reading　　
Enterprises Adjust Strategies in Response to ESG Trends

　　The Minimum Wage Act passed its third reading in the Legislative Yuan on December 12, 2023, with the official implementation date yet to be determined. The term "minimum wage" in the Minimum Wage Act is essentially synonymous with the current "basic wage," with no substantial differences between them. The enactment of the Minimum Wage Law does not fundamentally alter the labor-capital relationship for enterprises. Instead, it is a response from the Ministry of Labor to the global Environmental, Social, and Governance (ESG) trend, serving as part of the initiative to drive the transformation of Taiwanese businesses. The Financial Supervisory Commission (FSC) has mandated that listed and OTC companies disclose the range of director remuneration, prompting enterprises to pay attention to employee salaries and benefits. Simultaneously, in ESG Reports, companies are required to disclose relevant information about employee benefits and salaries. Enterprises should be mindful of emerging trends under the global ESG wave, especially large listed and OTC companies, which should contemplate adjusting their business strategies to align with the new rules governing global corporate human rights.

Reference:
1. REUTERS: https://www.reuters.com/world/uk/uk-government-implement-carbon-levy-by-2027-2023-12-18/
2. PwC: https://www.pwc.tw/zh/news/press-release/press-20231220.html