On 17 May 2022, the Committee on the Environment, Public Health and Food Safety of the European Parliament voted on the European Commission’s proposal to introduce a Carbon Border Adjustment Mechanism (CBAM). The CBAM imposes a levy on imports of products in certain emission-intensive product categories. The latest proposal includes some amendments including an expansion of products in scope, inclusion of indirect as well as direct embedded emissions, and an accelerated phase out of free allowances under the EU Emission Trading System by 2030, instead of 2035 (see EY Global Tax Alert dated 19 May 2022 for further details).

The final vote of the European Parliament is expected to take place early June. This vote will bring the EU CBAM one milestone closer to reality. The first obligations are expected as of 1 January 2023. The EU CBAM will mean change and already we see businesses preparing for the potential impact on their operations, supply chain, and from a compliance and reporting perspective. Have you already started to evaluate and address the potential impact of CBAM on your business?

Agenda

• CBAM implementation overview
• Current status and timeline of the legislative process
• Interplay between Emission Trading System, CBAM and the relevance for the Tax department
• Practical experiences on what global businesses are doing to prepare, including from Asia-Pacific
• Case studies from a range of sectors

Speakers will include EY professionals from across Europe and Asia, with a focus on Indirect Tax, Global Trade and Law.

If the timing doesn’t work for you, please register and you’ll receive the replay for you to view at your own convenience.

Date: Wednesday, 15 June 2022

Time: 9:00 – 10:00 BST; 10:00 – 11:00 CEST; 17:00 – 18:00 JST

Registration: Register for this event.

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