Carbon tax becomes law on 1 June 2019
South African President Cyril Ramaphosa has signed into law the Carbon Tax Act, 2019, which comes into effect on 1 June 2019. With the passing of the carbon tax into law, a price on carbon emissions is now a reality for the South African economy.
The impact of the legislation, along with complementary measures such as the national greenhouse gas emission reporting regulations, will have a transformative effect on the South African economy. Organisations of all types and sizes and across all industry sectors will have to act decisively to manage the commercial implications of the carbon tax.
Business leaders, such as CFOs and others who are charged with leading their organisations through the transition to a low emissions economy need to fully understand and consider the commercial implications, opportunities and risks, and the reporting and compliance obligations inherent in the implementation of the carbon tax legislation.