South African president signs carbon tax into law

JOHANNESBURG: South Africa's president has signed into law a long-delayed carbon tax, the treasury said on Sunday , as one of the continent's worst polluters transitions to lower emissions in its efforts to meet agreements on global climate change.

The first phase of the tax is from Jun 1 to December 2022, with a tax rate of 120 rand per tonne of carbon dioxide equivalent.Allowable tax breaks will reduce the effective rate to between 6 rand and 48 rand per tonne of CO2, National Treasury said in a statement.

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