CBAM reporting becoming more difficult
The reporting obligations result from Regulation (EU) 2023/956 of the European Parliament and of the Council of 10 May 2023 on a mechanism for adjusting border prices for CO2 emissions (CBAM). There is a transitional period for the CBAM mechanism from 2023 to 2025. During this period, importers are required to produce quarterly reports covering imported goods. Currently, reporting using default values is greatly simplified, but this is about to change.
The possibility to determine emissions on the basis of default values will cease at the end of July 2024. From the following month, importers must determine the emissions of imported goods according to actual data from their manufacturer. Only 20 per cent of embedded emissions will be allowed to be determined according to default values (Article 5 of the implementing regulation) - explains, Szymon Lipiński, Tax Consultant in the Crowe Tax Advisory Department, in an article for Rzeczpospolita.
The article is available in Polish only.
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