- The transition period for the Carbon Border Adjustment Mechanism (CBAM) began on October 1st.
- If you imported regulated products such as cement, fertilizers, aluminum, hydrogen, electricity, iron/steel during the last quarter of 2023, you may be required to submit the first quarterly CBAM report before January 31st, 2024.
- The report must be submitted through the CBAM portal, selecting the “Customs” option.
- The report should include information such as the quantity of imported goods, the 8-digit tariff code, direct and indirect greenhouse gas emissions, and supplier and facility data.
- Failure to submit the quarterly MAFC report may result in fines ranging from €10 to €50 per ton of unreported emissions.
- Starting in January 2026, only authorized declarants will be able to import goods into the EU customs territory for CBAM purposes.
- To become an authorized declarant, applicants must not have serious or repeated violations of customs, tax, market abuse, or CBAM regulations.
- If you believe you may be affected by CBAM, we can assist you.
Source: ayming.es
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.
