Carbon Tax Series: Carbon Tax Proposed Amendments & Green Incentives (Part 4) - 2022


Date: Sep 20, 2022 - Sep 20, 2022

CPD hours: 2 Hours

Time: 15:00 - 17:00

Event Type: Webinar

Presenter: Jason Daniel

The Carbon Tax Act became effective on 1 June 2019. For the period 01 January 2021 to 31 December 2021, Carbon Tax must be levied at a rate of R134/tCO2e, in respect of the sum of the scope 1 direct greenhouse gas (GHG) emissions of a taxpayer.

#WATCH This series of webinars is aimed at addressing and unpacking the nuances of carbon tax and its interplay with environmental legislation, providing practical insight and an overview of the key provisions within the Carbon Tax Act, and exploring the impact that the carbon tax act has on businesses.


Overview

The carbon tax rate will increase by the amount of the consumer price inflation (CPI) of the preceding tax period plus two per cent until 31 December 2022, and thereafter, only by CPI of the preceding tax period. The GHG emissions resulting from fuel combustion activities, industrial processes and fugitive emissions expressed as a carbon dioxide equivalent will be taxable. A person conducting an activity in South Africa resulting in GHG emissions equal to and/or above the thresholds as provided for in Schedule 2 of the Carbon Tax Act, will be subject to carbon tax.

This series of five webinars is aimed at addressing and unpacking the nuances of carbon tax and its interplay with environmental legislation, providing practical insight and an overview of the key provisions within the Carbon Tax Act, and exploring the impact that carbon tax act has on businesses. We look to compare carbon tax in South Africa against environmental levies implemented in other jurisdictions to understand the key successes and failures of carbon tax in South Africa. Finally, we aim to examine carbon taxes through a broader lens by examining the economic impact of its implementation and how carbon taxes will drive the focus on Environmental, Social and Governance (ESG) factors.

Part 1: Carbon Tax 101 – An Overview

18 January 2022 I Click here to read more

Part 2: Carbon Tax – Who is Ultimately Affected by its Implementation?

15 February 2022 I Click here to read more

Part 3: Carbon and Environmental Tax: Budget 2022

23 March 2022 I Click here to read more

Part 4: Carbon Tax Proposed Amendments & Green Incentives (Part 4) - 2022

20 September 2022 

Part 5: The future of Environmental Taxes, Economic Outlook, and the rise of ESG

13 October 2022 I Click here to read more

Click here to view the full series.


Webinar Content

In part four of the Carbon Tax series, Jason Daniel will focus on the key proposed amendments to the Carbon Tax Act as detailed in the 2022 Draft Taxation Laws Amendment Bill and provide insight into a list of the “green” tax incentives as provided for in the Income Tax Act.

Carbon Tax amendments in the draft Taxation Laws Amendment Bill:

  • Section 5: Carbon tax rate trajectory for 2023 to 2025, 2026, 2027 to 2029 and 2030.
  • Section 12L Income Tax Act: Extension of the first phase of carbon tax from 1 January 2023 to 31 December 2025 – the energy efficiency savings tax incentive extension.
  • Section 6(2)(c) and (d): Extension of first phase of carbon tax from 1 January 2023 to 31 December 2025 – electricity price neutrality commitment extension.
  • Section 6(2): Limitation of electricity price neutrality deductions to electricity generation from fossil fuels.
  • Section 6(4): Limiting carbon sequestration deduction to activities within the operational control of the taxpayer.
  • Key matters not addressed in the DTLAB.

Green Incentives (Income Tax Act):

  • Section 12L: Energy Efficiency Income Tax Inventive.
  • Section 12B: Renewable Energy Income Tax Incentive.
  • Section 12U: Additional deduction in respect of supporting infrastructure in respect of renewable energy.
  • Section 12I: Industrial Policy Project (IPP) Allowance.
  • Section 11D and 11A: R&D Allowance (Renewable Energy/Energy Efficiency).
  • Section 12C(1)(gA): Accelerated depreciation allowance for R&D (Renewable Energy / Energy Efficiency)
  • Section 13(1)(b): Depreciation allowance for R&D buildings (Renewable Energy / Energy Efficiency)
  • Section 37B: Deductions in respect of environmental expenditure

Who should attend?

Tax practitioners, financial directors, financial managers, professionals engaged in the areas of carbon tax reporting and compliance.


Presenter

Jason Daniel

Tax Manager I Tax and Legal Services department, PwC South Africa

Jason holds a BCom (Law), LLB, LLM (International Commercial Law) and LLM (Tax Law). He is an Admitted Attorney of the High Court of South Africa as well as an accredited and registered carbon footprint analyst at the Institute of Environmental Management and Assessment (IEMA). Jason is also a committee member within the South African Institute of Chartered Accountants (SAICA) carbon tax sub-committee.


CPD

This event and successful completion of the online assessment will secure 2 hours verifiable output Tax CPD points.


Event Investment

CPD subscribers: Free for all CPD subscribers.

Regular price: R495.00

SAIT member: R395.00

Group price 1 (max 5 people): R950.00

Group price 2 (max 10 people): R1 800.00

Group price 3 (max 15 people): R2 500.00


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  • Only written notice of cancellation will be recognised.
  • Cancellation conditions:
    • If the cancellation occurs more than 4 working days prior to the event no cancellation fee will be charged.
    • If the cancellation occurs less than 4 working days prior to the event a 100% cancellation fee will apply.
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SAAA: Carbon Tax Series: Practical Considerations, Pitfalls, and Successes of the Carbon Tax Act (Part 4) - 2022: SAAA: Carbon Tax Series: Practical Considerations, Pitfalls, and Successes of the Carbon Tax Act (Part 4) - 2022

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