Market Access

INVOICING

GME, given "g" as day related to the CIC market session, on day "g+1" makes available to each seller, for 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".

Market Participants, both buyers and sellers, each quarter, receive an invoice by GME, within the eight working days of the quarter following the one in which the sessions were held, the fees due for the services provided by GME for trading on MCIC.

The exchange of communications related to proforma invoice and invoices between GME and Market Participants takes place through the provision on "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 to GME and Market Participants through the so-called Sistema di Interscambio (SDI).

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TAXATION

Purchases and sales on the CIC market qualify as supplies of services and the chargeability of VAT depends on the place where the purchasing market participant has established his/her/its business.

Transactions with counterparties established in Italy will be invoiced by GME to Italian market participants, or by the latter to GME:

1. without VAT if the transaction is referred to CICs issued for biomethane. In this case, the purchaser will apply the reverse charge mechanism;
2. with VAT at the standard rate if the transaction refers to CICs issued for biofuels other than biomethane. The list with the types of tradeable CICs and the related VAT scheme is reported here.

No VAT will be applied on sales to EU market participants who/which are taxable persons in their own countries. In this case, the reverse charge will be applied by the customer (market participant).

No VAT will be applied on sales non-EU market participants.

For purchases from both EU and non-EU market participants, GME will receive an invoice without VAT and then pay VAT in Italy under the reverse charge mechanism.

The list with the VAT codes (and their description) that GME uses in issuing invoices for payables/receivables and fees is reported here.

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GME'S FEES

The services rendered by GME qualify as supply of services and the chargeability of VAT on the related fees depends on the place where the customer (market participant) has established his/her/its business.

Therefore, GME will 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" (exporter on a permanent basis) 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, it is the Participant that applies the reverse charge.

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 self-certification of a market participant subject to the split payment system is reported here.

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