Yes, the taxable facility can be deregistered in case of the following:
The Emissions Report shall be submitted by 30 June of the year following the end of each reporting period.
Yes, the Government in the 2022 finance budget has stipulated that companies can use their international credits to offset the carbon tax liability.
It is a tax mechanism where companies pay the carbon tax by purchasing and surrendering non-tradeable carbon credits. It represents the equivalent amount of verified emissions. These carbon credits can be purchased from the Government at a fixed price.
Companies in such sectors may shift their operations to countries with less stringent carbon prices, resulting in job losses without benefitting the climate. To avoid such a scenario, the Government has rolled over a transition framework wherein allowances are provided for part of companies’ emissions, based on efficiency standards and decarbonization targets.