Singapore legislation
Section 29
Section 29
Cancellation of carbon credits
(1)
Where —
a registered person has failed to pay any tax in accordance with section 17 in relation to any taxable facility of the registered person; and
the registered person has any carbon credit in the registry account for that taxable facility,the Agency may cancel the carbon credit and remove it from the registry account, and the registered person is treated as having paid the tax in relation to the taxable facility to the extent of the carbon price of the carbon credit so cancelled and removed.
(2)
Where any carbon credit in a registry account for a taxable facility of a registered person has been obtained by the registered person through fraud or any other unlawful means, the Agency may cancel the carbon credit and remove it from the registry account.
(3)
A registered person that has any carbon credit cancelled and removed under subsection (2) —
is not treated as having paid any tax in relation to the taxable facility to which the registry account relates, to the extent of the carbon price of the carbon credit; and
is not entitled to any refund on the carbon credit.
(4)
The Agency must not exercise the power under subsection (1) or (2) without prior notice to the registered person.