On 27 February 2013 the Minister of Finance announced that a carbon tax will be introduced with effect from 1 January 2015. He also announced that a carbon tax policy paper would be published that will contain the details for the carbon tax. That policy paper was published on 2 May 2013. This article contains the key design features of the carbon tax as set out in the policy paper.
Category: Carbon Tax
Managing carbon pass through: 10 tips to prepare for South Africa's carbon tax
South Africa’s National Treasury released its Carbon Tax Policy Paper in May 2013. Submissions on the Paper closed in August 2013 and the South African Government is expected to now draft legislation to implement the Carbon Tax from 1 January 2015.
Carbon tax could hit economy – Sacci
‘Measures should be revenue neutral’ The proposed introduction of carbon tax could have a severe impact on the economy and job creation in South Africa, Sacci said on Monday. “[We are] supportive of measures to reduce carbon emissions in principle, so long as those measures remain tax neutral,” SA Chamber of Commerce and Industry (Sacci) CEO Neren Rau said in a statement.
Carbon tax has an ozone hole in it
Some really curious things have been happening recently on the climate change front. By and large, a strange silence has descended. Perhaps it’s just that the media is fed up with it. But that belies what is actually taking place. The first thing is that carbon dioxide levels are continuing to rise. Far from wringing your hand
The Design of the Carbon Tax
On 27 February 2013 the Minister of Finance announced that a carbon tax will be introduced with effect from 1 January 2015. He also announced that a carbon tax policy paper would be published that will contain the details for the carbon tax. That policy paper was published on 2 May 2013. This article contains the key design features of the carbon tax as set out in the policy paper.
Year in Review – 2012 Tax Developments in South Africa
During 2012 a number of significant amendments were made to the tax legislation in South Africa. This report provides a brief description of certain of these amendments which may be of interest to foreign companies that conduct business in South Africa as well as those seeking investment opportunities in South Africa.
Is your business ready for the carbon tax?
Strategy should take costs into account. Johannesburg – The carbon tax to be introduced on 1 January 2015 is the biggest change to the South African tax landscape since the introduction of capital gains tax in 2001. Households and businesses will all be affected to some extent and have until January 2015 to come to terms with, and devise a strategy for, the impact that a carbon tax may have on their operations.
Carbon tax to earn R8-billion a year
The treasury will earn at least R8-billion from a R120 per tonne tax on carbon emissions from industry. But most companies will get a 60% discount. The treasury will earn at least R8-billion from a R120 per tonne tax on carbon emissions from industry. (Reuters) South Africa committed in 2009 to reduce its carbon emissions by 34% by 2020. Every government department was then told to do its part, and treasury chose a carbon tax. In this year’s Budget speech, Pravin Gordhan said the tax would start on January 1 2015.
Update on carbon tax in South Africa
In south Africa, the National Treasury today (May 2, 2013) publishes the Carbon Tax Policy Paper, Reducing greenhouse gas emissions and facilitating the transition to a green economy for public comment. This step is considered to be a critical before the South African’s government be able to have a go ahead with the publication of draft legislation giving effect to carbon taxes for first January 2015.
PwC 2013 Tax Budget Comments
PwC 2013 Tax Budget Comments Personal Income Tax Higher income tax earners will have R231,25 less income tax to pay per month, assuming they have a basic annual taxable income of R700,000. Lower income tax earners will pay R86 less income tax annually, assuming they have an annual basic taxable income of R165, 600.The individual threshold for submitting a tax return was raised from R120,000 to R250,000 per year. This means that taxpayers that have taxable income of less than R250,000 annually will not be required to submit tax returns.