ESG insights for Tax & Legal | March 2024
Welcome to our second edition of ESG Insights for Tax & Legal, keeping you informed of the latest developments in the fast-moving world of ESG!
This ESG Tax & Legal round-up features:
- Video: CBAM came into force - is your business prepared?
- Factsheet: UK Carbon Border Adjustment Mechanism - The UK CBAM is coming up
- Article: EU Corporate Sustainability Reporting (CSRD) Involves Tax Information
- Downloads: Summary of the EU CBAM Regulation & Transitional period provisions
Enjoy the ESG Insights and please contact our ESG team for Tax and Legal, if you have any questions or feedback - we are happy to help you!
Video: CBAM came into force - is your business prepared?
Factsheet: UK Carbon Border Adjustment Mechanism - The UK CBAM is coming up
The UK is taking rapid action on industrial decarbonisation to meet net zero. This includes the use of carbon pricing through the UK Emissions Trading Scheme (UK ETS). This action creates risk of carbon leakage as not all jurisdictions are moving at the same pace. Read the factsheet.
Article: EU Corporate Sustainability Reporting (CSRD) Involves Tax Information
Companies in the EU will need to comply with the Corporate Sustainability Reporting Directive this year. Bernard van Gerrevink, Vera Moll, and Max Zanderink of KPMG Netherlands explain the implications for tax reporting. Read the article.
Downloads: Summary of the EU CBAM Regulation & Transitional period provisions
CBAM reporting obligations commence from 1 October 2023, meaning it is urgent for importers to the EU, and EU companies producing or importing goods with high embedded emissions, to prepare for these developments. Download the summary of the EU CBAM Regulation and the summary Transitional Period Provisions.
Please be aware of the upcoming CBAM deadlines below:
- Before 1 April 2024: request (via the CBAM portal) for a delayed submission of the first CBAM report. In principle, if the request is granted you will receive 30 days to file the first report regarding Q4 2023.
- Before 1 May 2024: file the second CBAM report regarding Q1 2024.
- Before 1 August 2024: modify and correct the submitted CBAM reports for the first two periods (Q4 2023 and Q1 2024).
