- Authorized CBAM Declarant Requirement: Starting 1 January 2025, only authorized CBAM declarants, either importers or indirect customs representatives, can import goods covered by the CBAM regulation in the EU, requiring importers to apply for this status.
- Compliance and Reporting Changes: From 1 August 2024, importers must report actual emissions from imported goods instead of default values, necessitating due diligence in obtaining accurate emission data from suppliers to avoid financial penalties for unreported emissions.
- Consequences of Non-Compliance: Failure to accurately report emissions or comply with CBAM regulations can lead to revocation of authorized status, preventing further imports of CBAM goods, along with potential financial sanctions ranging from EUR 10 to EUR 50 per ton of undeclared emissions.
Source Crowe
