Carbon Pricing (Amendment) Bill

The Carbon Pricing (Amendment) Bill 2022 seeks to revise and enhance the framework of the Carbon Pricing Act 2018. The key amendments include introducing revised carbon tax rates and fixed-price carbon credits while enabling the surrender of eligible international carbon credits for tax payments. Additionally, the bill will modify registration and emissions reporting obligations, especially in cases of transfer of operational control over business facilities. Provisions for allowances to reduce taxable amounts will be implemented, administered by the Minister responsible for trade and industry. Lastly, the bill includes updates to definitions and regulations related to greenhouse gases, ensuring alignment with international standards.