The Carbon Pricing Act 2018 (“CPA“) provides for, among other things, requirements relating to registration as registered persons and reportable facilities, as well as, reporting and payment of tax in relation to greenhouse gas emissions. The Carbon Pricing (Amendment) Act 2022 which amends the CPA, will come into operation on 1 January 2024. This Update provides you with a summary outline of the upcoming key changes to the CPA and our comments on this development.
Key changes at a glance:
- Progressive revision of the carbon tax rate and carbon price.
- Provisions for the surrender of eligible international carbon credits in place of fixed-price carbon credits for the purposes of paying carbon tax.
- Revision to the registration and emissions reporting obligations (in particular, where there has been a transfer of operational control over a business facility), and the basis for liability for carbon tax.
- Inclusion of nitrogen trifluoride emissions as a reckonable GHG, covered under the carbon tax.
For more information, click here to read the full Legal Update.
