Please note: Our session will be recorded. Your attendance will act as consent to the recording.
The Ministry for Primary Industries and the Ministry for the Environment are consulting on two options to change the penalty for small foresters in the New Zealand Emissions Trading Scheme who fail to surrender or repay units to the Crown by the due date.
In the New Zealand Emissions Trading Scheme (ETS),a penalty applies if a participant (e.g. a forester) fails to surrender or repay New Zealand Units (NZUs, or “units”) to the Crown by the due date.
There is a risk that serious financial hardship could result from this penalty for foresters with small liabilities, those with net liabilities of under 25,000 units per year. We have developed two alternatives to this penalty which are intended to reduce the risk of serious financial hardship while still encouraging people to meet their obligations. We want your feedback on these options to make sure the penalty will work in practice.
See MPI’s website for more information: https://www.mpi.govt.nz/consultations/changing-the-surrenderrepayment-penalty-for-small-forestry-participants-in-the-new-zealand-emissions-trading-scheme