Singapore Offers Carbon Tax Rebates to Refineries in the Short Term
Tax
Singapore is offering refineries and petrochemical companies tax rebates of up to 76% on its planned carbon tax for 2024 and 2025. This aims to maintain competitiveness against global rivals and ease cost pressures. The carbon tax, currently $25 per ton for emissions over 25,000 metric tons annually, will rise in subsequent years. Companies will pay reduced final costs of $6 to $10 per ton after applying for rebates. The measure supports Singapore's refining sector amid fluctuating global conditions, with ongoing discussions expected to shape future rebate policies.
