EU Parliament Approves Carbon Border Tax Simplifications

The European Parliament on Wednesday voted to approve a revision of the EU’s carbon border tax regime as part of a push to simplify reporting requirements and legislation.

The revision to the tax, known as the carbon border adjustment mechanism, was voted for by 617 deputies, with 18 opposed and 19 abstentions.

CBAM, which will enter into force next year, charges a fee on carbon-intensive imports into the EU from countries that may have looser climate rules than the bloc.

• The European Commission has promised to cut reporting obligations by 25%, and 35% for small- and medium-sized companies. ...