The Carbon Border Adjustment Mechanism (“CBAM”), currently applying to importers of mineral products (cement), electricity, fertilisers, iron and steel, aluminum and hydrogen from outside of the EU, came into effect from 1 October 2023. Further information may be found here.
Possibility of delayed submissions
The first report covering the period from 1 October to 31 December 2023 was due to be submitted by 31 January 2024. However, due to technical issues the EU Commission has issued a notice informing importers that as from 1 February 2024, declarants experiencing difficulties with the submission of the report have the possibility of requesting a delayed submission. This functionality grants the declarant a further 30 day time period for the submission of the first CBAM report.
The notice further informs importers that National Competent Authorities (NCAs) shall not be imposing penalties for late submissions in such circumstances, subject to the satisfaction of certain conditions.
Default values
Declarants which have not as yet been able to obtain the relevant emission information from their suppliers may apply default values issued by the European Commission during the transitional period.
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If you think that your business may be impacted by CBAM, reach out to us if you require further assistance.
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