EU Parliament Approves CBAM Exemption for Most Importers
The European Parliament on May 22 endorsed a European Commission proposal that it said would exempt 90% of EU importers from the bloc's upcoming carbon border tax (see 2502060060). The new rules would mostly exclude small and medium-sized companies that import "only small quantities" of goods covered by the carbon border adjustment mechanism -- less than 50 metric tons of those goods per year.
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Parliament also said the changes will simplify the authorization process for companies wishing to import goods subject to the CBAM while "strengthening anti-abuse provisions."
Parliament approved the proposal 564-20, with 12 abstentions. It next will negotiate with EU foreign ministers on the final text.
The CBAM will require traders to pay taxes beginning in 2026 on carbon emissions associated with certain imports (see 2310020037 and 2410170036).