This will form as part of the Environment and Climate Adaptation Levy.
It will be applicable to all businesses, but implemented on a phased approach, beginning with all business with the Point of Sale System.
It was also announced that the Environmental Levy, will be renamed as the Environment and Climate Adaptation Levy, and will directly fund environmental protection programmes, and climate adaptation projects.
A 10 percent Environment and Climate Adaptation levy, now applies to income earned above $270,000.
To fully offset this tax burden, the “Social Responsibility Tax” has been restructured, to reduce the percentage of tax paid, at every income bracket by ten percentage points.
The Environment and Climate Adaptation Levy, will now apply to the purchase of luxury cars – with engine sizes greater than 3000 cylinder capacity.
The levy will not apply to any vehicle utilised for public transportation, including taxis.
The current 12.5 percent Super Yacht Charter Fee, will be replaced with a 10 percent Environment and Climate Adaptation Levy.
The zero fiscal and import excise duties, on the importation of new hybrid motor vehicles will continue.
The minimum investment to qualify for business tax incentives to set up Electric Vehicle Charging Stations, has been reduced from $3 million to $500,000 – to encourage greater investment.
The Service Turnover Tax has also been reduced from ten per cent, to six per cent.