- ICAEW responds to Treasury/HMRC consultation on carbon border adjustment mechanism (CBAM).
- Welcomes broad principles of CBAM.
- Cautions that businesses will need more time to comply.
- Five-month deadline from the first accounting period may be too short for accurate emissions data collection.
- Quarterly reporting from 2028 could be overly burdensome for businesses.
- Encourages the government to take a phased approach to implementation.
Source: taxjournal.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
