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(Jun 10, 2009) It was reported on June 4, 2009, that the South African Treasury is gearing up to introduce the Draft Taxation Laws Amendment Bill 2009, which will provide tax incentives for businesses to reduce their carbon emissions. (Sanchia Temkin, Treasury Plans Green Taxes, BUSINESSDAY, June 4, 2009, available at http://allafrica.com/stories/200906040004.html.)
The bill provides income tax incentives for any business that participates in a clean development mechanism project to reduce harmful industrial by-products. The bill also makes it possible for businesses to take deductions on their income taxes for energy saved. In order to take such deductions, however, businesses would be required to obtain documentary proof of the efficiency levels attained, certified by the Energy Efficiency Agency. (Id.)
South Africa is said to be among the top 20 nations responsible for most of the greenhouse gas emissions in the world. It is accountable for 1.8% of the total global gas emissions and 42% of emissions from Africa. (Id.)
- Author: Hanibal Goitom More by this author
- Topic: Environment More on this topic
- Jurisdiction: South Africa More about this jurisdiction
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Last updated: 06/10/2009