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Carbon tax: What it means for companies

In his Budget speech this afternoon, Minister Heng Swee Keat announced that from 2019, carbon tax will be introduced to encourage reduction of greenhouse gas (GHG) emissions. In the first instance, from 2019 to 2023, the tax rate will be $5 per tonne of GHG emissions. The carbon tax announced will be levied on facilities producing 25,000 tonnes or more of GHG emissions in a year. All other companies will not be taxed on direct emissions, but may be indirectly impacted by the carbon tax through higher electricity costs.