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National Treasury publishes Phase 2 carbon tax discussion paper for public comment

13th November 2024

By: Darren Parker

Creamer Media Senior Contributing Editor Online

     

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Phase 2 carbon tax discussion paper  (1.62 MB)

National Treasury has published a carbon tax discussion paper for public comment, outlining Phase 2 of the carbon tax.

Government announced its intention to do this in the 2024 Budget presented in February.

The paper puts forward proposals on Phase 2 of the carbon tax design from 2026 to 2035 for consultation, considering South Africa’s Nationally Determined Contribution (NDC) commitments.

The discussion document includes proposed adjustments to the basic tax-free allowance, carbon offsets, the electricity levy, the renewable-energy premium and the energy efficiency savings tax incentive.

South Africa has made commitments under the Paris Agreement to reduce emissions in the range of 398-million to 510-million tonnes of CO2 equivalent (CO2e) by 2025 and 350-million to 420-million tonnes of CO2e by 2030, and to reach net-zero emissions by 2050.

The NDCs set out policies and measures to achieve these mitigation goals and adapt to climate change, as well as the finance requirements to support the transition to a lower carbon climate resilient economy.

National Treasury has stated that carbon tax forms an integral part of the package of policy measures aimed at addressing climate change as recommended in the 2011 National Climate Change Response Policy and the 2012 National Development Plan.

National Treasury has invited stakeholders to submit written comments on the draft proposals contained in this paper to carbontax@treasury.gov.za.

After the public consultation process is concluded, the draft proposals will be revised to consider public comments and announcements will be made in the 2025 Budget.

The closing date for comments is December 13.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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