Carbon Tax Act, 2019 (Act No. 15 of 2019)Part 1 : Definitions and general provisions relating to imposition of carbon tax5. Rate of tax |
| (1) | The rate of the carbon tax on greenhouse gas emissions must, subject to subsections (2) and (3), be imposed at an amount of R159 per ton carbon dioxide equivalent of the greenhouse gas emissions of a taxpayer. |
[Section 5(1) substituted by section 8(1) of the Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2023, GG49948, dated 22 December 2023 - deemed to have come into operation 1 January 2023 (section 8(2))]
| (2) | The rate of tax specified in subsection (1) must be increased to the amount of— |
| (a) | R159 for tax periods from 1 January 2023 until 31 December 2023; |
| (b) | R190 for tax periods from 1 January 2024 until 31 December 2024; and |
| (c) | R236 for tax periods from 1 January 2025 until 31 December 2025. |
[Section 5(2) substituted by section 38(1)(a) of the Taxation Laws Amendment Act, 2022 (Act No. 20 of 2022), Notice No. 1541, GG47826, dated 5 January 2023 - comes into operation on 1 January 2023 (section 38(2))]
| (2A) | The rate of tax specified in subsection (1) must be increased to the amount of R308 for tax periods from 1 January 2026 until 31 December 2026. |
[Section 5(2A) inserted by section 38(1)(b) of the Taxation Laws Amendment Act, 2022 (Act No. 20 of 2022), Notice No. 1541, GG47826, dated 5 January 2023 - comes into operation on 1 January 2023 (section 38(2))]
| (2B) | The rate of tax specified in subsection (1) must be increased to the amount of— |
| (a) | R347 for tax periods from 1 January 2027 until 31 December 2027; |
| (b) | R385 for tax periods from 1 January 2028 until 31 December 2028; and |
| (c) | R424 for tax periods from 1 January 2029 until 31 December 2029. |
[Section 5(2B) inserted by section 38(1)(a) of the Taxation Laws Amendment Act, 2022 (Act No. 20 of 2022), Notice No. 1541, GG47826, dated 5 January 2023 - comes into operation on 1 January 2023 (section 38(2))]
| (2C) | The rate of tax specified in subsection (1) must be increased to the amount of R462 for tax periods from 1 January 2030 until 31 December 2030. |
[Section 5(2C) inserted by section 38(1)(b) of the Taxation Laws Amendment Act, 2022 (Act No. 20 of 2022), Notice No. 1541, GG47826, dated 5 January 2023 - comes into operation on 1 January 2023 (section 38(2))]
| (3) | The rate of tax must be increased after 31 December 2030 by the amount announced by the Minister in the national annual budget contemplated in section 27(1) of the Public Finance Management Act, 1999 (Act No. 1 of 1999). |
[Section 5(3) substituted by section 38(1)(c) of the Taxation Laws Amendment Act, 2022 (Act No. 20 of 2022), Notice No. 1541, GG47826, dated 5 January 2023 - comes into operation on 1 January 2023 (section 38(2))]
| (4) | The rate of tax specified in subsection (1) may be adjusted by the amount announced by the Minister in the national annual budget contemplated in section 27(1) of the Public Finance Management Act, 1999, (Act No. 1 of 1999), in 2025 and thereafter at three-year intervals to take into account the impact of exchange rate movements on the comparability of the rate to global carbon pricing. |
[Section 5(4) inserted by section 38(1)(d) of the Taxation Laws Amendment Act, 2022 (Act No. 20 of 2022), Notice No. 1541, GG47826, dated 5 January 2023 - comes into operation on 1 January 2023 (section 38(2))]