Singapore legislation
Clause 43
Clause 43
Saving and transitional provisions
(1)
From and including the date of commencement of section 2, for the purposes of the principal Act —
the Carbon Credits Registry mentioned in the principal Act as in force immediately before that date is the Fixed‑Price Carbon Credits Registry;
a carbon credit registry account of a registered person mentioned in the principal Act as in force immediately before that date, that remains open on that date, is treated as a fixed‑price carbon credit registry account of the registered person; and
a carbon credit within the meaning of the principal Act as in force immediately before that date, that was purchased before that date and not yet surrendered on that date, is treated as a fixed‑price carbon credit.
(2)
Section 3(a) and (b) has effect in relation to any trigger year (as defined in section 7(1) of the principal Act as in force on the date of commencement of section 3(a) and (b)) that is 2023 or a subsequent year, and section 7 of the principal Act as in force immediately before that date continues to apply in relation to any trigger year (as defined in section 7(1) of the principal Act as in force immediately before that date) that is 2022 or an earlier year (but not earlier than 2018).
(3)
Section 3(c) has effect in relation to any transfer of operational control over a business facility that takes place in 2024 or a subsequent year.
(4)
Section 8(4)(a) of the principal Act (as inserted by section 4(b)) has effect in relation to any trigger year (as defined in section 7(1) of the principal Act as in force on the date of commencement of section 3(a) and (b)) that is 2023 or a subsequent year, and section 8(4) of the principal Act as in force immediately before the date of commencement of section 4(b) continues to apply in relation to any trigger year (as defined in section 7(1) of the principal Act as in force immediately before the date of commencement of section 3(a) and (b)) that is 2022 or an earlier year (but not earlier than 2018).
(5)
To avoid doubt —
a registered person may rely on paragraph (aa) of section 9(1) of the principal Act for the deregistration of a business facility as a taxable facility of the person, despite the registered person having ceased to operate the business facility before the date of commencement of section 5(b); (b)a registered person may rely on paragraph (aa) of section 9(3) of the principal Act for the deregistration of a business facility as a reportable facility of the person, despite the registered person having ceased to operate the business facility before the date of commencement of section 5(c); and
the Agency may rely on subsection (5) of section 9 of the principal Act to deregister a registered person and any business facility registered as a reportable or taxable facility of the person, despite the registered person having been wound up or dissolved, or having ceased to exist, before the date of commencement of section 5(d).
(6)
Section 7 has effect in relation to any year that is 2024 or a subsequent year, and section 11 of the principal Act as in force immediately before the date of commencement of section 7 continues to apply in relation to any earlier year (but not earlier than 2018).
(7)
Section 9 has effect in relation to any year that is 2024 or a subsequent year, and section 16 of the principal Act as in force immediately before the date of commencement of section 9 continues to apply in relation to any reporting period (as defined in section 11 of the principal Act as in force immediately before the date of commencement of section 7) (called in this section an old reporting period) that is or is a part of any earlier year (but not earlier than 2018).
(8)
Section 14 has effect in relation to any emissions year (as defined in section 16(1) of the principal Act as in force on the date of commencement of section 9) that is 2024 or a subsequent year, and section 21 of the principal Act as in force immediately before the date of commencement of section 14 continues to apply in relation to any old reporting period that is or is a part of any earlier year (but not earlier than 2018).
(9)
Section 15 has effect in relation to any emissions year (as defined in section 16(1) of the principal Act as in force on the date of commencement of section 9) that is 2024 or a subsequent year, and section 22 of the principal Act as in force immediately before the date of commencement of section 15 continues to apply in relation to any old reporting period that is or is a part of any earlier year (but not earlier than 2018).
(10)
Section 17 has effect in relation to any tax or additional tax for any emissions year (as defined in section 16(1) of the principal Act as in force on the date of commencement of section 9) that is 2024 or a subsequent year, and section 24 of the principal Act as in force immediately before the date of commencement of section 17 continues to apply in relation to any tax or additional tax for any old reporting period that is or is a part of any earlier year (but not earlier than 2018).
(11)
Section 31 has effect in relation to any tax or additional tax for any emissions year (as defined in section 16(1) of the principal Act as in force on the date of commencement of section 9) that is 2024 or a subsequent year, and section 37(2) of the principal Act as in force immediately before the date of commencement of section 31 continues to apply in relation to any tax or additional tax for any old reporting period that is or is a part of any earlier year (but not earlier than 2018).
(12)
Section 37 has effect in relation to applications to extend time made on or after the date of commencement of that section, and section 75 of the principal Act as in force immediately before that date continues to apply in relation to applications to extend time made before and pending on that date.
(13)
For a period of 2 years after the date of commencement of any provision of this Act, the Minister may, by regulations, prescribe such provisions of a saving or transitional nature consequent on the enactment of that provision as the Minister may consider necessary or expedient.
(14)
In this section, “Agency” and “registered person” have the meanings given by section 2(1) of the principal Act.