Singapore legislation
Regulation 11
of Carbon Pricing (Carbon Tax, Carbon Credits and Registries) Regulations 2020
Regulation 11
Surrender of international carbon credits
Subregulation 1
A person that wishes to surrender an eligible international carbon credit to pay any tax chargeable under an assessment pursuant to section 21(1) or (2) of the Act for an emissions year (year R) must, by 31 August of the year R + 1 —
cause the retirement of the eligible international carbon credit; and
submit evidence of retirement of the eligible international carbon credit through the EDMA system or in any other manner directed by the Agency if the EDMA system is not available for use, whether due to maintenance work being carried out, malfunction or other reason.
Subregulation 2
Subject to paragraph (3), a person need not comply with paragraph (1)(b) if the Agency has notified the person in writing that the operator of the carbon crediting programme under which the eligible international carbon credit was issued, has entered into an arrangement with the Agency under which evidence of retirement of that eligible international carbon credit will be submitted to the Agency.
Subregulation 3
Paragraph (2) does not apply where the Agency has notified the person in writing that the person must comply with paragraph (1)(b) due to any suspension or termination of the arrangement in paragraph (2) for any reason.
Subregulation 4
For the purposes of paragraphs (1)(b) and (2), the evidence of retirement which must be submitted include documents evidencing all of the following:
the year in which the certified GHG emissions reductions or removals occurred;
the host country of the eligible international carbon credit;
the carbon crediting programme under which the eligible international carbon credit was issued;
the identification number that was assigned under the carbon crediting programme to the project or programme that generated the certified GHG emissions reductions or removals;
the name and reference number that were assigned under the carbon crediting programme to the methodology used to calculate the amount of certified GHG emissions reductions or removals; (f)the date of retirement of the eligible international carbon credit;
the name of the registered person on whose behalf the eligible international carbon credit was retired;
the FPCC registry account number of the taxable facility in relation to which tax was chargeable and in payment of which the eligible international carbon credit was retired;
that the purpose of retirement of the eligible international carbon credit was to pay carbon tax imposed under Singapore law;
the reference number of the notice of assessment setting out the tax in respect of which the eligible international carbon credit was being retired to pay;
the serial number of the eligible international carbon credit that was retired.
Subregulation 5
Where any document mentioned in paragraph (4) is submitted as evidence of retirement of more than one eligible international carbon credit, there must be further evidence of the number of eligible international carbon credits to which the document relates, whether in the document itself or in another document.
Subregulation 6
The person submitting any evidence of retirement under paragraph (1)(b) or (2) must specify the emissions year in relation to which the eligible international carbon credit was surrendered, and upon receipt of the evidence of retirement, the Agency may —
accept the evidence of retirement; or
reject the evidence of retirement.
Subregulation 7
Without limiting paragraph (6)(b), the Agency may reject evidence of retirement of an international carbon credit if —
the Agency considers that the evidence of retirement submitted under paragraph (1)(b) or (2) is incomplete;
the evidence of retirement that is submitted under paragraph (1)(b) or (2) contains information that is inconsistent with any information or document that was submitted under regulation 10 for the purposes of the acceptance of that international carbon credit as an eligible international carbon credit; or
the international carbon credit was retired on a date that is before the date of service of the notice of assessment setting out the tax that the international carbon credit is being surrendered to pay.
Subregulation 8
Any decision made by the Agency on whether to accept the evidence of retirement of an eligible international carbon credit is final.
Subregulation 9
The Agency must notify the registered person through the EDMA system if the evidence of retirement in relation to an eligible international carbon credit has been rejected.
Subregulation 10
The surrender of an eligible international carbon credit takes effect upon the acceptance by the Agency of the evidence of retirement relating to that carbon credit.