Carbon Tax bill signed into law by Ramaphosa

Carbon tax news blast. View this email in your browser *- THE MARK OF TRUSTED PARTNERSHIP -* Carbon Tax bill signed into law by Ramaphosa
The Carbon Tax Act and the Customs and Excise Amendment Act were both officially gazetted on Thursday (23 May 2019) and will come into effect from 1 June 2019.
The two Acts work in conjunction with each other, with the Customs and Excise Amendment Act primarily dealing with administrative issues surrounding the implementation of the new Carbon Tax Act.
The Tax follows the polluter pays principle where companies which exceed the stipulated threshold for certain activities will be penalised R120 per tonne of carbon dioxide equivalent (CO2e). Although, allowance thresholds have been incorporated and will be reviewed at the end of the first phase (2022).
Annual payments towards the Tax are expected to be done during July each year for the previous calendar year and will be administered through the Customs and Excise Act. Draft SARS rules provide for the registration and licensing of emissions based on IPCC codes.
Carbon Tax will also be added to the fuel levy at 9c per litre on petrol, and 10c on diesel coming into effect on 05 June 2019. This will likely have a direct and an indirect effect on most companies and will need to be incorporated into annual internal budgets. *It is not too late – we would like to urge our clients to assess their potential liability and identify innovative means through which to reduce this liability. *
*Do you have questions around carbon tax, and your business’ potential liability? Contact us today: *info@carboncalculated.co.za <info@carboncalculated.co.za?subject=Carbon%20Tax> *Copyright © 2018 Carbon Calculated, All rights reserved.*
*Our mailing address is:* info@carboncalculated.co.za
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