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Applications for Agency’s acceptance of international carbon credits

Carbon Pricing (Carbon Tax, Carbon Credits and Registries) Regulations 2020

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—(1) A person that wishes to surrender an 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) may apply to the Agency for the Agency’s acceptance of the international carbon credit as an eligible international carbon credit.(2) An application under paragraph (1) must be made —(a)by using the EDMA system;(b)by submitting a notice of ICC use in the form specified by the Agency; and(c)no earlier than 1 July of year R and no later than 30 June of year R + 1 (both dates inclusive).(3) Every application under paragraph (1) must be accompanied by any information or documents that the Agency requires to decide on the application.(4) Upon receipt of the application, the Agency may, in accordance with any direction of the Minister charged with the responsibility for sustainability and the environment given for the purpose of section 33A(b) of the Act —(a)accept the international carbon credit as an eligible international carbon credit; or(b)refuse to accept the international carbon credit as an eligible international carbon credit.(5) Without limiting paragraph (4)(b), the Agency may refuse to accept an international carbon credit as an eligible international carbon credit if the applicant has not submitted any information or document required by the Agency to decide on the application.(6) The Agency must notify the registered person through the EDMA system whether or not the application is successful.(7) Any decision made by the Agency on whether to accept an international carbon credit as an eligible international carbon credit is final.(8) To avoid doubt, where —(a)pursuant to an application made by a person under paragraph (1), the Agency accepts an international carbon credit as an eligible international carbon credit, for the purposes of paying any tax chargeable under an assessment pursuant to section 21(1) or (2) of the Act for year R; and(b)the person wishes to surrender that international carbon credit to pay any tax chargeable under an assessment pursuant to section 21(1) or (2) of the Act for any subsequent emissions year, the person must apply under this regulation for the Agency’s acceptance of the international carbon credit as an eligible international carbon credit for that subsequent emissions year.

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