The carbon tax policy paper which was released for comment in May 2013 and outlines the proposed carbon tax has certainly caught the attention of the business community.
The tax, originally proposed to start 1 January 2015, has since been delayed to start 1 January 2016. While many believe delays will continue, treasury stands firm on implementing the tax next year.
While recognising the importance of reducing carbon emissions and foreseeing the benefits that a low carbon economy can bring, the South African government has committed to ambitious greenhouse gas reductions of 34% by 2020 and 42% by 2025. Policies, frameworks and financial instruments need to support these commitments for any hope of achieving such reductions.
The purpose of a carbon tax, seen too often as a way to increase the tax base, is intended more to send the necessary price signals to change consumer behaviours and stimulate investment appetite towards low carbon options. How tax will affect economic growth will largely depend on supportive policies and the extent of tax shifting or revenue recycling.
In summary, the key points of the design features of the carbon tax include:
• The tax will be phased in over a period of time.
• The tax will therefore be implemented on 1 January 2016 and bodies will need to comply/pay accordingly.
• Tax has been proposed at R120 per tonne of CO2e (carbon dioxide equivalent), the amount to be increased 10% per year.
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