President Cyril Ramaphosa has signed four pieces of legislation, including the Carbon Tax Bill, into law. The Carbon Tax bill will see South Africans pay additional taxes at fuel pumps from the 1st of June.
The new tax will add 9 cents per litre to the price of petrol and 10 cents per litre for diesel. This is in addition to monthly fuel price adjustments.
The President has also signed into law the Customs and Excise Bill. It provides for the amendment of the Customs and Excise Act to provide for the licensing of premises and regulate the submission and verification of accounts. In addition it will also provide mechanisms for the collection and payment of the carbon tax.
Also signed into law is the Financial Matters Amendment Bill, which makes amendments to the Insolvency Act, the Military Pensions Act, the Banks Act and the Government Employees’ Pension Law.
The fourth piece of legislation, the Public Audit Excess Fee Act is aimed at ensuring the sustainability of the office of the Auditor General by charging audit fees for certain government entities directly against the National Revenue Fund.