Tax on income from transfer of carbon credits imposes a separate fixed tax plus tax on remaining income. A new provision taxes income from transfer of carbon credits by aggregating: a fixed-rate tax on carbon credit income and the tax on the taxpayer's ... Summary
Tax on income from transfer of carbon credits imposes a separate fixed tax plus tax on remaining income.
A new provision taxes income from transfer of carbon credits by aggregating: a fixed-rate tax on carbon credit income and the tax on the taxpayer's remaining income after excluding that carbon credit income. No deduction, expenditure or allowance is permitted against the carbon credit income. "Carbon credit" is defined as a validated reduction of one tonne of CO2 or equivalent gases recognised by the relevant United Nations framework and tradable at market price. The amendment takes effect from 1 April 2018.
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