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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 the Decree of the President of the Italian Republic (DPR) No. 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 mechanism 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 (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 mechanism 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.
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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