Most businesses breathed a sigh of relief on hearing the outcome of yesterday's Budget Speech. Many of the anticipated rises in tax
were left off the table entirely, and there are quite a few area where your business will benefit from tax relief. But there is an area you need to take action today - start to reduce your company's carbon emissions, ahead of the introduction of carbon tax!
The bad news? Yesterday's Budget Speech
has revealed that the anticipated carbon tax
will be implemented, says Fin24
The good news? It's only being implemented in 2015, so you have time to make sure your company's doing as much as it can to reduce its carbon emissions.
And once the deductions are added, the carbon tax will work out to just 3.6c per kilowatt-hour of electricity.
This would replace the current levy of 3.5c that currently stands on non-renewable sources of electricity, explains the Mail & Guardian Online.
So you'll hardly notice the difference in price, and it will play an important step in addressing climate change.
But if you know your company's a top producer of carbon emissions, best you take action now.
Because while it's still months away from being implemented, the carbon tax
announcement is already affecting ArcelorMittal, the TimesLive
ArcelorMittal SA's shares dropped more than 6% yesterday after the carbon tax announcement, sparking concerns that heavy polluters' earnings would be hit.
But all's not lost.
Your company could benefit from the 60% carbon tax-free threshold until 2020 on annual emissions for all industries!
And you'll be able to claim additional relief of up to 10% by investing in external green projects to reduce your carbon tax liabilities.
You don't even have to wait for 2015 to get your company up to scratch.
After all, GreenPeace says waiting for 2015 is 'too little too late', and not enough to address climate change
, Fin24 reports
That's because climate change requires immediate action.
Here's how you can start offsetting your carbon emissions!
The easiest way to comply is to assess the carbon footprint of your company, office or home.
Then you'll know whether your company will be affected by the carbon tax or not.
And by becoming taking steps now to become more energy-efficient
, your company will benefit from tax deductions
, says FSP Business
So make a few small changes in your business today and you'll soon be working toward a more energy efficient
For more information on the different tax breaks there are, get your hands on the 30 Business Boosting Tax Breaks
booklet. In this booklet we discuss 30 different tax breaks
you can implement today to save your business thousands of rands!
It covers everything from building allowances, to wear and tear. You'll never need to hunt out the tax loopholes again - just keep this handy book on your shelf. And enjoy the savings!
Get your 30 Business Boosting Tax Breaks