Market Access

INVOICING

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  invoices and invoices between GME and the 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 by the GME to the Participants through the so-called Sistema di Interstambio (SDI).

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TAXATION

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.

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.

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

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