South Africa Publishes Second Draft Carbon Tax Bill for Consultation

South Africa's National Treasury has published the Second Draft Carbon Tax Bill for public consultation. Under the Bill, the proposed headline carbon tax is R120 per ton of CO2 with a number of initial tax-free allowances that reduce the tax amount by as much as 95% in the first phase of implementation (up to 2022), including a 60% basic tax-free allowance, additional allowances of 10% for process and fugitive emissions, a variable allowance up to 10% for trade-exposed sectors, and certain ot…