Budget 2018 (Section C, Carbon Tax), 2018 (Singapore)

The Budget 2018 was presented by the Finance Minister of Singapore to the Parliament, laying out the Government's revenue and expenditure for the 2018 fiscal year. Section C of the document discusses the imposition of a carbon tax. The carbon tax is imposed on all facilities producing 25,000 tons or more of greenhouse gas (GHG) emissions in a year. The carbon tax will be $5 per ton of GHG emissions in the first instance, from 2019 to 2023. The carbon tax will apply uniformly to all sectors without exemption. This is the economically efficient way to maintain a a transparent, fair and consistent carbon price across the economy to incentivize emissions reduction. The carbon tax will be levied on major emitters, which account for about 80% of Singapore's emissions.