- The European Commission proposed amendments to the Carbon Border Adjustment Mechanism (CBAM) Regulation (EU) 2023/956 to simplify reporting obligations, particularly for small and medium enterprises (SMEs), while preserving environmental goals based on insights from the CBAM’s transitional phase since October 2023.
- Key changes include exemptions for importers of small quantities (less than 50 tons/year), delegated reporting responsibilities for authorized CBAM declarants, a one-year deferral for purchasing CBAM certificates, and streamlined emission calculation processes using standard values provided by the EU Commission.
- The proposal also postpones the deadline for submitting annual CBAM declarations and certificates to August 31 of the following year, introduces flexibility in penalty assessments based on the declarant’s circumstances, and commits to ongoing monitoring and evaluation of the CBAM’s effectiveness and potential scope expansion.
Source PwC
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