13 FEBRUARY 2018 – 12:04 LINDA ENSOR
The proposed Carbon Tax Bill has finally entered the parliamentary process after two years of extensive consultation on various drafts.
The draft bill will be subjected to public hearings and further submissions before being revised into a final draft that is expected to be completed by mid-2018. The first draft of the bill was published for public comment in November 2015 but preparations started well before that in 2010.
Extensive consultations have already taken place with stakeholders across the spectrum of society and the Treasury has also invited further submissions until March 9.
In terms of the proposals, carbon emissions above a certain level will be taxed at a rate of R120 a tonne of carbon. The tax, which aims to reduce carbon emissions, will be phased in with adjustments being made to other taxes and provision made for tax incentives to ensure the tax is revenue neutral.