Finance Minister Enoch Godongwana In his maiden budget speech last week, Finance Minister Enoch Gondongwana dedicated a section of his speech to the climate, urging all South African companies that have not already done so to develop plans to progressively reduce carbon emissions over the next ten years, or face steep taxes in the future. “The … Read More
Carbon Tax
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 … Read More
It’s here – Carbon Tax set to be implemented on June 1st, 2019
“The sustainability challenge affects us all. Climate change is real… Carbon tax will come into effect from 1 June 2019” – Finance Minister Tito Mboweni On Tuesday – 19th February 2019 – South Africa’s National Assembly passed the long-anticipated Carbon Tax Bill. This, in accordance with South Africa’s commitment under the Paris Agreement to reduce greenhouse … Read More
Carbon Tax update
As part of South Africa’s ongoing efforts to move towards a low carbon economy and to meet South Africa’s INDC targets, National Treasury has proposed a tax on local carbon emissions. On 14 December 2017, the South African National Treasury published a second Draft Carbon Tax Bill for public comment. The new draft mostly retains … Read More
Carbon Tax – the latest
During the annual Budget Speech, held on 22 February 2017, Pravin Gordhan announced that a revised Carbon Tax Bill will be published for public consultation and tabled in Parliament later in 2017. This suggests that carbon tax may come into play in early-2018. Carbon Tax will be administered as an environmental levy by SARS. It … Read More