Market Access

Environment - Guarantees of Origin

RULES HOW TO PARTICIPATE HOW TO OPERATE FEES AND SETTLEMENT LIST OF PARTICIPANTS ACCESS TO M-GO

Settlement of Payments

ACCOUNTING AND TAXATION

TAXATION

TAXATION
TAXATION OF FEES AND REPORTING OBLIGATIONS

INVOICING

GME, given "g" as day related to the GO market session, on day "g+1" makes available to each seller, or all transactions concluded, a communication with proforma invoice related to the sales made by the same, containing all the information necessary for preparation of the invoice to be issued to GME.

On day "g+2", GME issues the invoices related to the session concluded on day "g" to the purchasing Market Participants.
Within the same day, GME receives from the sellers the passive invoices related to the session concluded on day "g".

Participants, both buyers and sellers, each quarter, receive an invoice by GME the fees due for services provided, within the eight working days of the quarter following the one in which the Participants have concluded transactions in the M-GO and/or on the PB-GO, or have posted ads in which there have been expressions of interest on the GO Bulletin Board.

The exchange of communications related to the proforma invoices and invoices between GME and Participants takes place through the provision on the "SetService" IT platform.
Under the conditions set forth by the legislation in force from time to time on electronic invoicing and of the related implementing provisions, the invoices are transmitted through the so-called Sistema di Interstambio (SDI).

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TAXATION

The purchases and sales on the GO market are qualified services, their VAT chargeability depends on the place where the purchasing Participant is established.

Transactions with counterparties based in Italy are invoiced by GME to the Italian Participants, or by the latter to GME, without VAT application. In fact, it is the buyer who applies the reverse charge mechanism.

Sales to foreign EU Participants are made without VAT application if the purchaser is a taxable person in his/her/its own country. In this case, it is the Participant that applies the reverse charge mechanism.

Sales to non-EU Participants are made without application of VAT.

In case of purchase from both an EU and non-EU Participant, GME receives an invoice without VAT and then apply the Italian VAT under the reverse charge mechanism.

The list and description of the VAT codes used by GME for invoicing payoffs and fees are available here.

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TAXATION OF FEES AND REPORTING OBLIGATIONS

GME's fees are qualified as ordinary services and their VAT chargeability depends on the place where the customer has established his/her/its business.

Therefore, GME shall issue an invoice with VAT at the standard rate, if the customer has established his/her/its business in Italy.
If the customer declares a status of "esportatore abituale" by submitting a Statement (the so-called "dichiarazione d’intento"), GME shall issue an invoice without VAT.

GME, on the other hand, issues an invoice without VAT when the customer is a taxable EU Participant in its own Country.
In this case, the Participant will apply the reverse charge mechanism.

In case of a non-EU Participant, GME issues an invoice without VAT.

Market Participants, based in Italy subject to the VAT payment system called “split payment“, are required to submit to GME a specific self-certification certifying its status pursuant to Article 47 of the Decree of the President of the Italian Republic n. 445 of 28/12/00.

An example of a declaration for the status of Participant subject to split payment can be found here.