- The deadline for the first reports under the EU’s Carbon Border Adjustment Mechanism (CBAM) is approaching.
- UK exporters of certain products to the EU have until 31 January to register and make a declaration under the CBAM.
- For other UK exporters, the EU customer will be treated as the importer and will have the obligation to register and submit CBAM declarations.
- Failure to submit accurate CBAM declarations may result in penalties.
- The UK government plans to introduce a UK CBAM by 2027, which will differ slightly from the EU CBAM.
- It is unclear if the UK government will implement a data collection period similar to the EU CBAM.
Source: tax.org.uk
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
