- The UK’s HMRC has released a second set of draft regulations for its Carbon Border Adjustment Mechanism (CBAM), detailing how embedded emissions will be calculated, and how record-keeping and emissions data monitoring/verification will be managed.
- The CBAM, set to begin on January 1, 2027, will impact importers of specific goods (aluminum, iron and steel, fertilizers, cement, and hydrogen) and their overseas manufacturers, requiring them to report on embedded emissions, potentially using default values or actual emissions data.
- Businesses in the supply chain should prepare by understanding how this new indirect tax will integrate customs data, emissions data, and quarterly reporting.
Source KPMG
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