As most of us are headed towards the festive holiday season, and close 2023 with a winter break, the situation is slightly complex for firms in the EU who are subject to the mandatory CBAM Reporting, starting in 2024. Wrapping up this year’s tasks, taking the usual year-end break, and starting the new year 2024 with new challenges is not exactly the scenario for those who are in scope of quarterly CBAM reporting.
Because these EU importing businesses are obliged to submit their CBAM report for the Q4-2023 imports of CBAM goods, before 31st January 2024. So, 2024 would begin with a continued focus on their 2023 import data of CBAM goods, and the embedded emissions therein, for most EU economic operators in scope.
For this latest new year resolution with a hard deadline (31st January 2024), we are certainly observing that most EU importers of CBAM goods are struggling with the calculation of the GHG emissions embedded in their imported goods, the data collection of their imports, the organisational set-up of their importing entities, in addition to understanding the CBAM reporting requirements and methodology.
Seemingly, December 2023 may not exactly look like a year-end which the EU importers of CBAM goods can close with a relaxing break, but such hurdles can be resolved with help, and a lot can be achieved in a few weeks time with good planning, right focus and expert guidance.
Therefore, our PwC CBAM specialists are actively and engaged in preparing our clients with wrapping up 2023 and starting 2024 with an effective execution of their CBAM compliance.
Should your business require our assistance as well, please reach out to one of our experts without further delays:
Goes without saying, our CBAM specialists wish you a Merry Christmas and a Happy New Year, along with their full support in meeting your CBAM deadlines.