08 Apr 099 CPRS- Fuel tax adjustment arrangementsIn a media release issued on 7 April 2009, the Assistant Treasurer and Minister for Competition Policy and Consumer Affairs, Chris Bowen, announced the release of exposure draft legislation and explanatory materials for the Carbon Pollution Reduction Scheme (CPRS) - Fuel Tax Adjustment Arrangements.
Building on the White Paper, (Carbon Pollution Reduction Scheme: Australia's Low Pollution Future), released on 15 December 2008, the exposure draft legislation sets out the 'cent-for-cent' excise reduction that will offset the impact of emission pricing on all fuels currently subject to the general rate of 38.143 cents/litre.
The exposure draft legislation also sets out how the Government will provide transitional assistance to the agriculture, fishing and heavy on road transport industries through a new 'CPRS fuel credit' scheme. As LPG, LNG and CNG are substitutes for petrol and diesel but lie outside the fuel tax system, to maintain neutrality between these fuels and petrol and diesel, the exposure draft legislation also provides a CPRS fuel credit to LPG, CNG and LNG.
For a copy of the Minister's media release, No 2009/026, 7 April 2009, go here.
For a copy of the exposure draft materials, go here.