Singapore legislation
Regulation 6
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 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
“greenhouse gas” and “registry account” 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.