Market Access

INVOICING

GME issues an invoice to each Participant for:

1. the access fee within five working days following the date of the admission provision, increased by VAT where chargeable;
2. the yearly fixed fee for the first twelve months, increased by VAT where chargeable, by the third working day of the month following the date of the admission measure and subsequently every twelve months.

The exchange of 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 sent by GME to the Participants through the so-called Sistema di Interscambio (SDI).

TAXATION

GME's fees are classified as generic services. For VAT purposes, it must be checked the place where the customer is established as mentioned in Article 7 ter of the Decree of the President of the Italian Republic n. 633/72, which implements Article 44 of Directive 2006/112/EC.

Therefore, GME issues a regular invoice with VAT if the customer is an entity based in Italy, except when the Italian customer is a "esportatore abituale", pursuant to Article 8, paragraph 1, letter c) of the Decree of the President of the Italian Republic n. 633/72. Therefore, an invoice without VAT will be issued.

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

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