5. Rate of tax
(1) The rate of the carbon tax on greenhouse gas emissions must, subject to subsections (2) and (3), be imposed at an amount of R159 per ton carbon dioxide equivalent of the greenhouse gas emissions of a taxpayer.
[Subsection (1) substituted by section 10(1) of Act 22 of 2020, by section 6(1) of Act 19 of 2021, by section 7(1) of Act 19 of 2022 and by section 8(1) of Act 19 of 2023 deemed effective on 1 January, 2023]
(2) The rate of tax specified in subsection (1) must be increased to the amount of-
(a) R159 for tax periods from 1 January 2023 until 31 December 2023;
(b) R190 for tax periods from 1 January 2024 until 31 December 2024; and
(c) R236 for tax periods from 1 January 2025 until 31 December 2025.
[Subsection (2) substituted by section 92(1) of Act 34 of 2019 and by section 38(1)(a) of Act 20 of 2022 effective on 1 January, 2023]
(2A) The rate of tax specified in subsection (1) must be increased to the amount of R308 for tax periods from 1 January 2026 until 31 December 2026.
[Subsection (2A) inserted by section 38(1)(b) of Act 20 of 2022 effective on 1 January, 2023]
(2B) The rate of tax specified in subsection (1) must be increased to the amount of-
(a) R347 for tax periods from 1 January 2027 until 31 December 2027;
(b) R385 for tax periods from 1 January 2028 until 31 December 2028 and
(c) R424 for tax periods from 1 January 2029 until 31 December 2029.
[Subsection (2B) inserted by section 38(1)(b) of Act 20 of 2022 effective on 1 January, 2023]
(2C) The rate of tax specified in subsection (1) must be increased to the amount of R462 for tax periods from 1 January 2030 until 31 December 2030.
[Subsection (2C) inserted by section 38(1)(b) of Act 20 of 2022 effective on 1 January, 2023]
(3) The rate of tax must be increased after 31 December 2030 by the amount announced by the Minister in the national annual budget contemplated in section 27(1) of the Public Finance Management Act, 1999 (Act 1 of 1999).
[Subsection (3) substituted by section 92(1) of Act 34 of 2019 and by section 38(1)(c) of Act 20 of 2022 effective on 1 January, 2023]
(4) The rate of tax specified in subsection (1) may be adjusted by the amount announced by the Minister in the national annual budget contemplated in section 27(1) of the Public Finance Management Act, 1999, (Act 1 of 1999), in 2025 and thereafter at three-year intervals to take into account the impact of exchange rate movements on the comparability of the rate to global carbon pricing.
[Subsection (4) added by section 38(1)(d) of Act 20 of 2022 effective on 1 January, 2023]