§ 29 — Cancellation of fixed-price carbon credits

29.—(1) Where —(a)

a registered person has failed to pay any tax in accordance with section 17 in relation to any taxable facility of the registered person; and

(b)

the registered person has any fixed‑price carbon credit in the FPCC registry account for that taxable facility,

the Agency may cancel the fixed‑price carbon credit and remove it from the FPCC registry account, and the registered person is treated as having paid the tax in relation to the taxable facility to the extent of the carbon price of the fixed‑price carbon credit so cancelled and removed.

[Act 37 of 2022 wef 01/01/2024]

(2) Where any fixed‑price carbon credit in an FPCC registry account for a taxable facility of a registered person has been obtained by the registered person through fraud or any other unlawful means, the Agency may cancel the fixed‑price carbon credit and remove it from the FPCC registry account.[Act 37 of 2022 wef 01/01/2024]

(3) A registered person that has any fixed‑price carbon credit cancelled and removed under subsection (2) —(a)

is not treated as having paid any tax in relation to the taxable facility to which the FPCC registry account relates, to the extent of the carbon price of the fixed‑price carbon credit; and[Act 37 of 2022 wef 01/01/2024]

(b)

is not entitled to any refund on the fixed‑price carbon credit.[Act 37 of 2022 wef 01/01/2024]

(4) The Agency must not exercise the power under subsection (1) or (2) without prior notice to the registered person.[Act 37 of 2022 wef 01/01/2024]

—(1) Where —(a)

a registered person has failed to pay any tax in accordance with section 17 in relation to any taxable facility of the registered person; and

(b)

the registered person has any fixed‑price carbon credit in the FPCC registry account for that taxable facility,

the Agency may cancel the fixed‑price carbon credit and remove it from the FPCC registry account, and the registered person is treated as having paid the tax in relation to the taxable facility to the extent of the carbon price of the fixed‑price carbon credit so cancelled and removed.

[Act 37 of 2022 wef 01/01/2024]

(2) Where any fixed‑price carbon credit in an FPCC registry account for a taxable facility of a registered person has been obtained by the registered person through fraud or any other unlawful means, the Agency may cancel the fixed‑price carbon credit and remove it from the FPCC registry account.[Act 37 of 2022 wef 01/01/2024]

(3) A registered person that has any fixed‑price carbon credit cancelled and removed under subsection (2) —(a)

is not treated as having paid any tax in relation to the taxable facility to which the FPCC registry account relates, to the extent of the carbon price of the fixed‑price carbon credit; and[Act 37 of 2022 wef 01/01/2024]

(b)

is not entitled to any refund on the fixed‑price carbon credit.[Act 37 of 2022 wef 01/01/2024]

(4) The Agency must not exercise the power under subsection (1) or (2) without prior notice to the registered person.[Act 37 of 2022 wef 01/01/2024]