Are there penalties for non-compliance with the CBAM Regulation?
Yes. Reporting of embedded emissions in CBAM goods from 1 October 2023 is compulsory. Reporting declarants may face penalties ranging between EUR 10 and EUR 50 per tonne of unreported emissions.
In the case of missing, incorrect, or incomplete CBAM reports, the NCA may initiate a correction procedure, granting reporting declarants the possibility to rectify potential errors.
The NCA shall apply penalties where a) the reporting declarant has not taken the necessary steps to comply with the obligation to submit a CBAM report, or b) where the CBAM report is incorrect or incomplete, and the reporting declarant has not taken the necessary steps to correct the CBAM report after the competent authority initiated the correction procedure.
Source: EC’s Questions and Answers on CBAM