The CO2 Border Adjustment Mechanism (CBAM) introduced new obligations for importers of goods into the European Union. From 1 October 2023, a transitional period began during which entrepreneurs must submit quarterly reports on emissions related to imported products. Proper CBAM reporting requires close cooperation with suppliers, and failure to comply may result in financial sanctions or import suspension. The European Commission extended the deadline for the CBAM reporting obligation due to technical problems during the transition period, and no sanctions have been imposed on importers who encountered issues with timely submission.
Source Crowe
Latest Posts in "European Union"
- Roadtrip through ECJ Cases – Focus on ”Free Products” (Art. 16)
- Briefing document & Podcast: C-438/13 (BCR Leasing Case) – Relief for Leasing Firms Facing Asset Non-Recovery
- VAT Neutrality and Tax Fraud: Implications of Recent Jurisprudence
- Blog Luc Dhont: How Can Multinationals Comply with VAT on Transfer Pricing Adjustments Post-ECJ Arcomet?
- Analysis of ECJ-cases on VAT for Ancillary Services in German Accommodation Sector
