Studies have shown that Cape Town, Paarl, Durban, Port Elizabeth and East London are at risk to join the lost city of Atlantis by 2050 when flooding occurs.
“Businesses and consumers will feel the impact in their pocket, having to account for R1.8 billion in carbon tax as estimated by National Treasury in the 2019 Budget Review. But how?” writes Madelein Grobler, SAICA Project Director: Tax. “Eskom comes first to mind being impacted by Carbon Tax, having the largest carbon dioxide footprint of 205.5 million tonnes per its 2018 Integrated Report.
The other industry coming to mind is the petroleum and fossil industry. In this regard, Sasol’s preliminary estimates show that the impact of the tax can range between about R7 million and R2 billion pre-tax from the 2019 financial year. How and if these additional taxes will filter through towards consumers remains to be seen.
The additional carbon tax will also trickle down into cost of living everyday considering the most things in South Africa is transported by road. This fee would however include the mandatory report preparation and submission, where SMEs are required to submit to the DEA. In addition to the mandatory reporting, SMEs may be set back a further consulting fee5 of R20 000 to R50 000 where such SMEs are liable to pay carbon tax and submit a return.
Another making scheme. The levels of the ocean have not increased at all over the last 20 years, and the ice caps are growing thicker each year. Climate change is more liberal lunacy.
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