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Taxation
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Purchases and sales on the M-GO shall mean supply of services and the
chargeability of VAT thereon shall depend on the place where the purchasing
party has established his/her/its business, as per article
44 of Directive 2006/112/EC
Transactions with counterparties established in Italy will be invoiced by GME
to Market Participants, or by the latter to GME, without applying VAT.
The reverse-charge mechanism will be applied by the purchasing party under
article 17, para. 6 d-ter) of DPR 633/72.
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.
No VAT will be applied on sales to non-EU Market Participants as per articles 44 and 59,
para. 1 a), Directive 2006/112/EC.
For purchases from both EU and non-EU Market Participants, GME will receive an invoice
without VAT and then apply the Italian VAT under the reverse charge mechanism.
as per article 17 of DPR 633/72.
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| GME's fees
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The services supplied by GME SpA shall mean supply of services and the chargeability of
VAT on the related fees shall depend on the place where the customer (M-GO
Participant) has established his/her/its business, as per article 44 of
Directive 2006/112/EC.
Therefore, GME will issue an invoice with VAT at the standard rate, if the customer has established his/her/its business in Italy and without VAT, if the customer qualifies as “esportatore abituale” (Italian exporter on a permanent basis) under article 8, para. 1, lett. c) of the Decree of the President of the Italian Republic No. 633/72.
Conversely, GME will issue an invoice without VAT to EU customers who/which are
taxable persons in their own countries. In this case, the reverse charge will
be applied by the customer.
GME shall issue an invoice without VAT to non-EU customers who/which are taxable
persons in their own countries.
M-GO Participants established in Italy subject to the "split payment" System, pursuant to art. 17-ter of the Decree of the President of the Italian Republic No. 633/1972, should send to GME a self-declaration certifying their status.
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| GME’s VAT codes |
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GME’S SALES:
VQ = reverse charge sale as per art. 17, para. 6, Decree of the President of the Italian Republic (“DPR”) 633/72 – reverse charge
V8 = supply not subject to VAT as per art. 7ter, DPR 633/72 - art. 44, Directive 2006/112/EC – EU reverse charge
VC = supply not subject to VAT as per art. 7ter, DPR 633/72 - art. 44, Directive 2006/112/EC – non-EU reverse charge
GME’ PURCHASES:
AQ = reverse charge purchase as per art. 17, para. 6, DPR 633/72 - reverse charge
A7 = purchase from EU customer not subject to VAT as per articles 44 and 196, Directive 2006/112/EC EU reverse charge
A8 = purchase from non-EU customer not subject to VAT as per articles 44 and 196, Directive 2006/112/EC non-EU reverse charge
GME’s FEES:
V1 = supply subject to VAT at the standard rate
V3 = supply to the so-called “esportatori abituali” (Italian exporters on a permanent basis) not
subject to VAT as per art. 8, (DPR) 633/72
VE = supply to PA subject to VAT at the standard rate - Split payment
VX = supply to non-PA subject to VAT at the standard rate – Split payment
V8 = supply not subject to VAT as per art. 7ter, DPR 633/72 - art. 44, Directive 2006/112/EC – EU reverse charge
VC = supply not subject to VAT as per art. 7ter, DPR 633/72 - art. 44, Directive 2006/112/EC – non-EU reverse charge
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