TEHRAN, Young Journalists Club (YJC) - The tax, a rare step for an emerging economy, will be levied from June 1 on greenhouse gases from fuel combustion and industrial processes and emissions.
The tax was first planned in 2010, but has been delayed by opposition from business and industry in a country struggling with low growth and unemployment near 28 percent, AFP reported.
"Climate change represents one of the biggest challenges facing humankind, and the primary objective of the carbon tax is to reduce greenhouse gas emissions in a sustainable, cost effective and affordable manner," the treasury said in a statement.
It said the tax was part of South Africa's efforts to meet the global climate change agreement negotiated in Paris in 2015.
Set at 120 rand (8.30 USD) per ton of carbon dioxide, the tax will be largely offset by allowances to lower it to an effective rate of between six and 46 rand per ton in the first three years.
The tax is set to rise at two percent above inflation, currently at 4.5 percent, until 2022 and in line with inflation afterwards.
Source: Iran Press