The economic impact on companies importing products affected by the Carbon Border Adjustment Mechanism will be enormous. In addition to the burden of acquiring the certificates, the CBAM will also be accompanied by substantial administrative challenges. Companies importing goods from the relevant sectors should use the remaining time to check whether, and to what extent, they are affected by the new regulation. In future, companies concerned will have to go to great lengths to calculate and document the direct and indirect emissions generated in the production process of their imported goods. They should identify the manufacturers of the goods and request information on the emissions contained at an early stage. The reporting obligation for CBAM reports under the transitional phase already applies as from 01.10.2023. To this end, it is advisable to clarify internal responsibilities as soon as possible and, if necessary, set up an interdepartmental working group. Non-compliance with the new regulations will be punished with sanctions. Companies operating in the affected sectors should therefore act quickly.
Dr. Christian Salder
Lawyer, Certified Tax Consultant
Phone: +49 89 217501285
As per: 23.05.2023