One of the big differences from the leaked draft(s) seems to be that during the transition phase importers would now not have to pay a CBAM levy, but instead just meet a list of reporting requirements:
I say “just” … but you know what I mean.
As per the leaked drafts, UK imports not [currently] exempt from the CBAM.
One of the big differences from leak one [but not leak two] is that this won't be administered by one centralised CBAM authority, but rather by "competent authorities" in each member-state.
Which is how these sort of things normally work within the EU, tbf.
Another difference from leak one [but not leak two] is that a competent authority will repurchase no more than "one third of the total" excess CBAM certificates at the end of each year. [First draft limited this to 10% of total purchased].
Anyway, enough from me - I'm off to retrain as an "accredited verifier" and make my millions.
Wait, scrap that. Involves hard maths.
OH I'VE FOUND A BIG CHANGE
The leak from earlier this week [left] said that the CBAM regulation falls within the scope of the Northern Ireland Protocol.
The official proposal [right] ... does not mention the Northern Ireland protocol.
🤔
What is going on here? IT IS A MYSTERY.
I mean, I’m pretty sure it is in scope. But I guess not saying it is in scope now at least means we don’t have to discuss what it being in scope actually means on practice until later on when everyone suddenly realises it is in scope. Which is probably wise, tbf.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
For the people tweeting at me without checking, yes the EU and UK do already have a trade agreement with Ukraine, but it’s not fully duty and quota free.
To expand this further, for the list of items that still have tariffs applied, or are subject to a tariff-rate quota, despite the existing FTA (true for the EU association agreement too), please proceed to page 275 to 344.
I currently find myself knowing far more about the Australian Prudential Regulation Authority's guidance on outsourcing involving cloud computers than I ever expected, or wanted, to know.
"Oh we don't require the onshoring of financial data."
Sure you don't, Australia. Sure you don't.
"You could store that financial data on a foreign cloud. We're not stopping you. It's just ... your life would be so much easier, less expensive, enjoyable, if you didn't. Y'know? But totally your choice. Honest."