REVISED BILL
Carbon tax is an imminent reality and firms must be ready
Mention the planned carbon tax to most people and you’ll be greeted by a yawn. The response from business needs to be a lot sharper. After many delays, the Treasury has announced that the revised Carbon Tax Bill is set to be tabled in Parliament by mid-2018. Even after several changes, the latest version of the plan — unveiled in December — has an overly complex design, with much work still to be done. Some of the most noteworthy changes to the revised bill include a more detailed way to quantify carbon emissions released by a company, as well as further clarity on issues regarding the timing of the first implementation period, the rate at which the tax will increase over time and revenue recycling. Carbon Calculations Clarity has also been provided that the carbon tax will be a tax-deductible expense. A company’s carbon tax liability is determined using a number of calculations. The scale of greenhouse gases emitted by a company is quantified and the result is then multiplied by th...
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