Are there penalties for non-compliance with the CBAM Regulation?
Yes, non-compliance with the CBAM Regulation carries penalties. As of October 1, 2023, reporting embedded emissions in CBAM goods is mandatory. Failure to comply may result in penalties ranging from EUR 10 to EUR 50 per tonne of unreported emissions.
In cases of missing, incorrect, or incomplete CBAM reports, the National Competent Authority (NCA) may initiate a correction procedure, allowing reporting declarants the opportunity to rectify any errors.
Penalties are applied by the NCA in instances where reporting declarants have failed to submit CBAM reports, or where submitted reports are incorrect or incomplete, and the necessary steps to correct them have not been taken after the initiation of the correction procedure.
For accurate and compliant reporting, Dubrink’s CBAM compliance software provides robust tools to streamline reporting processes and ensure adherence to CBAM regulations.