Follow us on Telegram for the latest updates: https://t.me/mothershipsg Speaking at the 35th Singapore Economic Round Table held by the International Policy Studies, Minister for Finance Lawrence Wong said the revised carbon tax will be announced in the next Budget. The revised carbon tax should kick in in 2024. Since the establishment of the Carbon Pricing Act on Jan. 1, 2019, the carbon tax has been priced at S$5 per tonne of greenhouse gas emissions (tCO2e) from 2019 to 2023. Industrial facilities with at least 25,000 tonnes of direct greenhouse gases emissions per year, and consequently registered at taxable facilities, are subject to the carbon tax. They are also required to submit a Monitoring Plan and an Emissions Report annually. The carbon tax is expected to be reviewed by 2022 to give businesses time to adjust to any revision made. Carbon price “too low” Speaking at the Institute of Policy Studies’ 35th Singapore Economic Roundtable on Oct. 15, Wong said the carbon price of S$5 per tCO2e is “too low”, and its level and trajectory will be reviewed to reflect the cost of carbon, and “influence investment decisions effectively”. The revised carbon tax announced at the next Budget will take effect… Read full this story
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