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Carbon tax from 2015

Carbon tax‚ here we come. With effect from 1 January‚ 2015‚ a carbon tax rate of R120 per ton of carbon dioxide equivalent will be introduced‚ the National Treasury said in its Budget Review document released on Wednesday (27 February).
Carbon tax from 2015

It said that the rate would increase at 10% a year during the first phase of implementation.

According to the National Treasury‚ an updated policy paper will be published by the end of March this year for further comment and consultation.

"The energy-efficiency savings tax incentive will help companies to reduce their energy intensity and the country's level of carbon emissions‚" said the Budget Review document.

"Some of the revenues generated through the carbon tax will be recycled to fund the energy-efficiency savings tax incentive. A gradual phasing out of the electricity levy‚ as the carbon tax is phased in‚ is also being considered," it said.

During the first phase of implementation - between 2015 and 2020 - a basic tax-free threshold of 60% has been proposed‚ as well as offset percentages of between 5% and 10%‚ to allow emission-intensive and trade-exposed industries to invest in projects outside their normal operations to help reduce their carbon tax liabilities.

Meanwhile‚ emission tax has also been increased for passenger vehicles. With effect from 1 April‚ emissions tax for passenger vehicles will rise to R90 from R75 for every gram of emissions/kilometre above 120gCO2/km. In the case of double cabs‚ it will rise to R125 from R100 for every gram/km in excess of 175gCO2/km.

In a related move‚ the Budget Review document said government will from 1 April increase the levy on plastic shopping bags to 6c/bag from the current 4c/bag - that's a whopping rise of 50%. The environmental levy on incandescent light bulbs will increase to R4 a bulb from the current R3.

Source: I-Net Bridge

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