Carbon Tax Act, 2019 (Act No. 15 of 2019)RegulationsRegulations under section 19 of the Carbon Tax ActPart ll : Eligibility2. Allowance of offset in respect of an approved project against carbon tax liability |
| (1) | An offset, for the purposes of section 13 of the Carbon Tax Act must be allowed to a taxpayer derived from the furtherance of an approved project— |
| (a) | that is carried on, on or after 1 June 2019 if that project is wholly undertaken in the Republic; |
| (b) | in respect of an activity that is not subject to the carbon tax, |
subject to subregulations (2) and (3).
| (2) | an offset in respect of an approved project in existence prior to 1 June 2019, in respect of which the activities become subject to tax on or after that date under the Carbon Tax Act, other than any project mentioned in regulation 4(1)(a) and (b) constitutes an offset for the purpose of these Regulations only if the offset would have been able to be used as an offset, notwithstanding subregulation (1)(b), under these Regulations up to 31 May 2019 had these Regulations been in operation on or before that date if that offset is utilised for the purpose of these Regulations on or before 31 December 2025. |
[Regulation 2(2) substituted by section 2 of Notice No. 4787, GG50618, dated 3 May 2024 - deemed to have come into operation on 1 June 2019]
| (3) | An offset in respect of an approved project existing prior to 1 June 2019, in respect of which the activities do not become subject to tax on or after that date under the Carbon Tax Act, may be utilised for the purposes of these Regulations until the end of the period, specified in regulation 3(1), during which the greenhouse gas emission reductions must be verified and certified under the provisions of the approved project. |