Guidance and resources for EU importers and non-EU producers of CBAM goodsįurther information on the CBAM can be found here. Implementing Regulation laying down the rules for the application of the CBAM Regulation as regards reporting obligations during the transitional period Finally, and since the EU Green Deal is also the EU’s growth strategy, green taxation can help reboot the EU’s. In 2010, the European Commission considered implementing a pan-European minimum tax on pollution permits purchased under the European Union Greenhouse Gas Emissions Trading Scheme (EU ETS) in which the proposed new tax would be calculated. Green taxation can also help promote sustainable growth, support intergenerational fairness and maintain tax revenue levels for EU Member States while allowing them to cut other, more distortive, taxes such as those on labour. Carbon leakage occurs when companies based in the EU move carbon-intensive production abroad to take advantage of lower standards, or when EU products are replaced by more carbon-intensive imports, which in turn undermines our climate action. During the 1990s, a carbon/energy tax was proposed at the EU level but failed due to industrial lobbying. One of the central pillars of the EU’s ambitious Fit for 55 Agenda, CBAM is the EU’s landmark tool to fight carbon leakage. While importers will be asked to collect fourth quarter data as of 1 October 2023, their first report will only have to be submitted by 31 January 2024.Īhead of its adoption by the Commission, the Implementing Regulation was subject to a public consultation and was subsequently approved by the CBAM Committee, composed of representatives from EU Member States. At the same time, dedicated IT tools to help importers perform and report these calculations are currently being developed, as well as training materials, webinars and tutorials to support businesses when the transitional mechanism begins. To help both importers and third country producers, the Commission also published today guidance for EU importers and non-EU installations on the practical implementation of the new rules. This will give adequate time for businesses to prepare in a predictable manner, while also allowing for the definitive methodology to be fine-tuned by 2026. The European Union starts the initial phase of its plan for the worlds first carbon border tax next month, requiring importers to report the CO2 emissions of products sold into Europe, such as. In the CBAM’s transitional phase, traders will only have to report on the emissions embedded in their imports subject to the mechanism without paying any financial adjustment. The Implementing Regulation details the transitional reporting obligations for EU importers of CBAM goods, as well as the transitional methodology for calculating embedded emissions released during the production process of CBAM goods.
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