The deadline for submitting the CBAM report for the second quarter of 2024 is fast approaching. CBAM declarants must file this report on the European Commission portal no later than 31 July 2024.
To recap, the responsibility for submitting the CBAM report lies with:
Registered Customs Representatives (RCR)
Acting on behalf of their clients in indirect representation particularly in DDP sales carried out by foreign companies not established in Europe.
Importers
Established within the EU territory and importing products affected by CBAM.
For the last time, the upcoming CBAM report may be completed using "default" emission values. These values, which differ based on the product's CN code and country of production, are available on the European Commission’s website. European Commission’s website.
From August 1,onwards, CBAM declarants will be mandated to report actual CO2 emission values. This new requirement poses a significant additional challenge for CBAM declarants, as they will need to obtain this data from their suppliers or manufacturers, provided they can measure it. We will address this topic in a forthcoming article.
Why is it important to meet this deadline?
Although the transitional period of the CBAM (ending on 31/12/2025) serves a purely statistical purpose and currently has no financial consequences for companies, the European Commission has reaffirmed its intention to penalise operators who fail to submit their reports within the specified deadlines.
The exact penalties for failing to submit a report are not yet known but are expected to be highly discouraging.
RM Boulanger supports you with the assistance of our CBAM Navigator
At RM Boulanger, we don't just talk the talk about CBAM we walk the walk. Given the complexity of this topic and the challenges companies face in adhering to their obligations, RM Boulanger has developed the "CBAM Navigator," an advanced tool that facilitates data compilation and report submission on the European Commission portal.
Contact us today to learn more about our CBAM services and
make your company a model of CBAM compliance!