The proposed carbon tax could add between R15bn and R20bn per annum to state coffers.
National Treasury published an updated carbon tax policy paper in May for public comment. It proposes that a carbon tax of R120 per ton of CO2 emitted be introduced from January 1 2015 and that it should increase by 10% per annum.
A general tax-free threshold of 60% will apply which would reduce the effective tax rate to between R12 and R48 per ton. However, certain industries could be entitled to relief and even exemption during the first phase of introduction, ending 31 December 2019.
Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.
MINIMUM REQUIREMENTS TO REGISTER
The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.