Default Values for the Transitional Period of the EU CBAM published
Good news! We have an early Christmas present from the Commission. On 22 December 2023, the EU Commission published the long awaited Default Values for the Transitional Period of the EU CBAM between 1 October 2023 and 31 December 2025. Do note that for each import of goods for which the reporting declarant does not
UK introduces Carbon Border Adjustment Mechanism (CBAM) in 2027: key measures to consider
On the 18th of December, the UK government announced the UK Carbon Border Adjustment Mechanism (CBAM) as a measure to address the carbon leakage risks. The UK CBAM is foreseen to be implemented from 2027. Here are some of the key takeaways from this latest announcement: UK CBAM implementation: Will be implemented from 2027 Will
2024 is almost here and so is the deadline for the 1st CBAM Report!
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
Clarification on CBAM Reporting Requirements
CBAM (Important Update): Clarification on Reporting Requirements On 20 October 2023, the Federation of Belgian enterprises (VBO/FEB) hosted a CBAM information session with the participation of the European Commission (DG TAXUD) and two Federal Public Services (FOD/SPF), Finances and Public Health. During the session, PwC raised an important question regarding the definition of the Reporting
CBAM – Implementing act approved and guidance released
On 17 August 2023, the European Commission adopted the Implementing Regulation for the Carbon Border Adjustment Mechanism (CBAM). The approved Implementing Regulation and accompanying guidance: Confirms the reporting obligations for the CBAM Transitional Period, which commences on 1 October 2023. Furthermore, it confirms that the CBAM reporting requirements and methodology will provide some flexibility when
Proposal published for a European Union Customs Reform: A new central EU Customs authority with a data-driven vision for a simpler, smarter and safer Customs Union
Today, 17 May 2023, the European Commission published its long awaited proposals for a complete overhaul of the European Union customs environment. As they write in their press release, it is the most ambitious and comprehensive reform of the EU Customs Union since its establishment in 1968. With these proposals the European Commission would like
The Carbon Border Adjustment Mechanism – It’s official!
Today, the CBAM (Carbon Border Adjustment Mechanism) was published in the Official Journal of the European Union. This means that there is no going back and that the regulation will enter into force as of tomorrow, 17 May 2023 and that it shall apply as from 1 October 2023. Read more on CBAM in our
CBAM gets green light from EU Parliament: a game-changer for carbon pricing and global supply chains
Earlier today, on April 18th, the European Parliament held its final vote on the Carbon Border Adjustment Mechanism (CBAM). CBAM is one of the elements of the EU Green Deal, the goal of which is to reduce GHG emissions by 55% by 2030. CBAM is aimed at ensuring a level playing field by equalizing the
