Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

UK and EU climate change strategy will see new reporting procedures and rising consumer prices

by January 3, 2024
January 3, 2024
UK and EU climate change strategy will see new reporting procedures and rising consumer prices

As the UK and EU come together with a new renewables and climate change strategy, exporters and importers will face new reporting requirements and tax levies, say leading tax and advisory firm Blick Rothenberg.

Simon Sutcliffe, a customs expert and Partner at the firm, said: “The two customs unions of the UK and EU are aligning them themselves closer and closer in terms of a climate plan. The detailed reporting requirements and taxing of companies who move these types of goods, although a worthy cause, will add to the administrative burden and cost for business and no doubt increase prices for consumers as these costs are passed on.”

He added: “New reporting requirements and taxes due to be set in motion in 2024 will see the UK and EU move closer to each other in their climate change and environmental levies targeting import and export companies which will mean them paying higher levies and possibly fines.”

Simon said: “The proposed UK Carbon Border Adjustment Mechanism (CBAM) is measure that will be in addition to the UK’s existing Plastic Packaging Tax (PPT) which already that taxes UK manufactured plastic packaging for goods and goods imported in plastic packing for sale in the UK marketplace.”

He added: “HMRC will begin the process of consultation in 2024 before implementation in 2027. CBAM will cover recording the importation of goods that have a carbon impact and will cover such items as iron. steel, aluminium, glass, ceramics, fertilizer, and electricity, with a view to taxing those carbon polluting industries by 2027.”

Simon said: “The EU already has EU CBAM and has plans for a similar UK style PPT tax plan called the ‘EU Plastic Levy’ but it’s scope and implementation is not currently aligned across all the EU states. The EU may formalise their Plastic Levy commitments in the coming years to align the UK and the EU further on environmental issues surrounding trade and supply chains of certain goods.”

He added: “UK Companies already struggle with administering the UK’s Plastic Packaging Tax (PPT) having sufficient access to the production processes further down their supply chain to be able to comply with the tax. The introduction of another levy requiring even more information will put further strain upon them.

“Now as the UK draws nearer to the EU on its renewables and climate change combatting methods by the adoption of a new reporting requirement and tax levies aimed at importers and exporters, businesses will have to understand and have access to their supply chains to meet the reporting requirements.”

Read more:
UK and EU climate change strategy will see new reporting procedures and rising consumer prices

0
FacebookTwitterGoogle +Pinterest
previous post
Maersk pauses shipping operations in Red Sea indefinitely after new attacks
next post
Government sells off more NatWest shares ahead of Hunt’s Tell Sid-style share sale plan

You may also like

Choosing the Right Car for Your Teenager: Key...

February 24, 2025

Rising Threat of ‘Hackers for Hire’: How End-to-End...

August 9, 2023

9 Fast Ways to Get 1k Likes on...

August 30, 2024

How Technology in Business Needs to Be Balanced...

January 28, 2025

AI and Tech Startups to Get £100m Investment...

August 16, 2024

Rail and postal strikes ‘decimated’ festive trade with...

February 15, 2023

Brits set to splash out an extra £3bn...

May 4, 2023

How do online transactions work?

December 9, 2023

Redefining Women’s Health: A Candid Q&A with Dr....

February 12, 2025

Elon Musk to buy Twitter for original offer...

October 5, 2022

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Trump ally stands firm against ‘big, beautiful bill’ despite pressure: ‘It’ll completely backfire’

      June 8, 2025
    • Rubio condemns assassination attempt on Colombian presidential candidate Miguel Uribe

      June 8, 2025
    • Obama WH physician says Biden doc should have performed cognitive test

      June 8, 2025
    • Trump warns of ‘serious consequences’ if Elon Musk funds Democrats

      June 7, 2025
    • Musk jokes about reconsidering stance on Big Beautiful Bill after Schiff’s praise

      June 7, 2025
    • Musk deletes explosive posts about Trump and Epstein files

      June 7, 2025

    Categories

    • Business (8,152)
    • Investing (2,019)
    • Politics (15,571)
    • Stocks (3,136)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved