- The current transitional period for the Carbon Border Adjustment Mechanism (CBAM) introduces several new compliance and reporting requirements for importers into the European Union (EU).
- In addition to quarterly, retrospective reporting obligations, importers may experience additional compliance obligations when filing import declarations. These requirements are not consistently applied throughout all EU Member States.
- Non-compliance with CBAM obligations may result in significant penalties, and some EU Member States are now implementing their own domestic penalty regimes in addition to the EU mandated penalty regime. Importers should familiarize themselves with all country specific CBAM compliance obligations to prevent or mitigate these penalties.
Source EY
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