The Ministry of Sustainability and the Environment and the National Environment Agency have recently announced the eligibility criteria under the International Carbon Credit (ICC) framework (ICC Framework), which will allow carbon tax-liable companies to use eligible ICCs to offset up to five per cent of their taxable emissions from 1 January 2024.
Under the ICC Framework's eligibility criteria, ICCs must represent emissions reductions or removals that occur within the timeframe specified in article 6 of the Paris Agreement and meet seven principles to demonstrate high environmental integrity.
This update outlines the key features of Singapore’s carbon tax regime and the ICC Framework’s eligibility criteria.
If you would like information and/or assistance on the above or any other area of law, you may wish to contact the Partner at WongPartnership whom you normally work with or any of the following Partners:
QUAK Fi Ling
Co-Head – Sustainability & Responsible Business
d +65 6416 8023
e filing.quak@wongpartnership.com
Click here to view Fi Ling’s CV.
TIONG Teck Wee
Co-Head – Sustainability & Responsible Business
d +65 6416 8112
e teckwee.tiong@wongpartnership.com
Click here to view Teck Wee’s CV.
TAN Shao Tong
Partner – Tax
d +65 6416 8186
e shaotong.tan@wongpartnership.com
Click here to view Shao Tong’s CV.
TIAN Sion Yoong
Partner – Financial Services Regulatory,
Derivatives & Structured Products,
FinTech
d +65 6416 2488
e sionyoong.tian@wongpartnership.com
Click here to view Sion Yoong’s CV.