Singapore legislation
Regulation 3
of Carbon Pricing (Carbon Tax, Carbon Credits and Registries) Regulations 2020
Regulation 3
Issuance of notices of assessment
Subregulation 1
This regulation applies to a notice of assessment issued by the Agency under Division 2 of Part 5 of the Act for a taxable facility of the registered person for an emissions year.
Subregulation 2
The Agency must serve the notice of assessment on the registered person through the EDMA system.
Subregulation 3
The notice of assessment, if it is not for a revised assessment, must specify —
the amount of reckonable GHG emissions of the taxable facility in tCO2e for the emissions year or, where the assessment is made under section 22 of the Act, an estimate of such reckonable emissions;
where the taxable facility is eligible for any allowance for that emissions year, the amount of allowance for that emissions year as determined by the Minister charged with the responsibility for trade and industry under section 20E(6) of the Act;
the tax chargeable;
the number of carbon credits for the payment of the tax chargeable as follows:
the number of fixed-price carbon credits required to pay the tax chargeable;
if eligible international carbon credits may be surrendered, the maximum number of eligible international carbon credits that may be surrendered; and
the date by which —
any fixed-price carbon credits must be surrendered to pay the tax chargeable or any part thereof;
an application to purchase fixed-price carbon credits must be made (if fixed-price carbon credits need to be purchased for surrender by the date in sub-paragraph (i)); and
evidence of retirement of any eligible international carbon credits mentioned in sub-paragraph (d)(ii) must be submitted to the Agency in accordance with regulation 11(1), if regulation 11(2) does not apply.
Subregulation 4
The notice of assessment, if it is for a revised assessment, must specify —
the reckonable emissions of the taxable facility in tCO2e for the emissions year as revised by the Agency; (b)where the taxable facility was eligible for any allowance for that emissions year, the amount of allowance for that emissions year as determined by the Minister charged with the responsibility for trade and industry under section 20E(6) of the Act;
the revised amount of tax chargeable; and
one of the following:
where the amount of tax chargeable after the revision is higher than before the revision —
the number of fixed‑price carbon credits required, and the date by which the fixed‑price carbon credits must be surrendered, to pay the difference; and
the date by which an application to purchase fixed‑price carbon credits must be made (if fixed‑price carbon credits need to be purchased for surrender by the date in sub‑paragraph (A));
where the amount of tax chargeable after the revision is lower than before the revision —
the number of fixed-price carbon credits equivalent in value to the amount by which the tax chargeable has been lowered; and
where section 19(2) of the Act applies, the date by which the Agency will credit that number of fixed‑price carbon credits into the FPCC registry account for the taxable facility in refund of that amount.