- The Carbon Boundary Adjustment Mechanism (CBAM) was introduced by the EU to regulate carbon emissions from imported goods and prevent “Carbon Leakage”
- Importers of goods listed in the CBAM list are required to declare associated carbon emissions
- The purpose of CBAM is to reduce greenhouse gas emissions, create fair competition for European industries, and contribute to climate goals
- Importers must report to the “CBAM Transition Register” to fulfill their reporting obligations
- From the third quarter of 2024, importers must report the actual carbon emissions of CBAM-listed goods
- A simplified reporting procedure was available from October 2023 to June 2024, but from the third quarter of 2024, only actual carbon emissions must be reported
Source: fonoa.com
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.
Latest Posts in "United States"
- USA and Taiwan Unite: A Landmark Agreement to Transform Semiconductor Manufacturing
- Texas Sales Tax Audit Risks: Key Strategies for Restaurant Franchisees to Minimize Exposure
- Zero-Emission Transit Buses to Be Fully Taxed in California Starting January 1, 2026
- Crowdfunding and Sales Tax: Essential Rules Creators Must Know to Stay Compliant
- Which Organizations Qualify for Sales Tax Exemption? State-by-State Rules and Certificate Guide
