Singapore legislation
Regulation 6
of Goods and Services Tax (Excluded Transactions) Order 1994
Regulation 6
Issuance or transfer of carbon credits
Subregulation 1
The issuance or transfer (including by way of sale) of any carbon credit or any digital representation of a carbon credit is treated as neither a supply of goods nor a supply of services.
Subregulation 2
To avoid doubt, the issuance of a carbon credit under sub‑paragraph (1) includes the crediting of any carbon credit by the National Environment Agency into any fixed‑price carbon credit registry account under the Carbon Pricing Act 2018.
Subregulation 3
In this paragraph —
Definition
“carbon credit” means —
a certificate representing an amount of greenhouse gas emissions reduction or removal, generated from any project or programme, and (to avoid doubt) includes a certificate representing the avoidance of an amount of such emissions;
a right to emit any greenhouse gas; or
a means to satisfy any tax or regulatory obligation arising from the emission of any greenhouse gas,and includes a carbon credit as defined in section 2(1) of the Carbon Pricing Act 2018;
Definition
“fixed‑price carbon credit registry account” and “greenhouse gas” have the meanings given by section 2(1) of the Carbon Pricing Act 2018;
Definition
“National Environment Agency” means the National Environment Agency established under the National Environment Agency Act 2002.