Responding to the recently closed Treasury/HMRC consultation on the introduction of a carbon border adjustment mechanism (CBAM), while welcoming broad principles, the ICAEW cautions that businesses will need more time. The proposed five-month deadline from the first accounting period ‘may be too short for obtaining accurate emissions data from global supply chains’, and quarterly reporting from 2028 could be overly burdensome for business, says the Institute which encourages the government to take a phased approach to implementation.
Responding to the recently closed Treasury/HMRC consultation on the introduction of a carbon border adjustment mechanism (CBAM), while welcoming broad principles, the ICAEW cautions that businesses will need more time. The proposed five-month deadline from the first accounting period ‘may be too short for obtaining accurate emissions data from global supply chains’, and quarterly reporting from 2028 could be overly burdensome for business, says the Institute which encourages the government to take a phased approach to implementation.
