The National Treasury today publishes the Carbon Offsets Paper for public comment. This paper outlines proposals for a carbon offset scheme that will enable businesses to lower their carbon tax liability and make investments that will reduce greenhouse gas (GHG) emissions.
The carbon offsets scheme is meant to complement the carbon tax that South Africa plans to introduce from 2016. The proposed design of the carbon tax policy has been outlined in the Carbon Tax Policy Paper: Reducing greenhouse gas emissions and facilitating the transition to a green economy that was released for public comment in May 2013.
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.