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Purchases and sales on the market of TEEs are qualified supplies of services, whose VAT
subjection depends on the place where the Buying Market Participant is established, pursuant
to Article 7ter of Presidential Decree 633/72.
Transactions with counterparties established in Italy will be invoiced by GME to the Italian Market Participants or by the
latter to GME, without application of VAT; the purchaser will apply the reverse charge under Article 17, paragraph 6, lett.
d-ter) of the Decree of the President of the Italian Republic No. 633/72.
In the case of sales to foreign Market Participants established in the European Community, these will be carried out
without application of VAT if the purchaser is a taxable person in his/her/its own country. The Market Participant, in
this case, will apply the reverse charge.
In the case of sales to non-EU Market Participants, these will be carried out without application of tax under Articles
7ter, paragraph 1 and 7septies, para. 1, lett. a) of the Decree of the President of the Italian Republic No. 633/72.
If the purchase involves an EU and non-EU Market Participant, GME will receive an invoice without VAT and
will apply the Italian VAT by reverse charge under Article 17, para. 2 of the Decree of the President of
the Italian Republic No. 633/72.
GME’s VAT Codes |
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GME’S SALES:
VQ = reverse-charge transaction - Art. 17, para. 6, of the Decree of the President of the Italian
Republic No. 633/72 - reverse charge
V8 = transaction not subject to VAT - Art. 7ter of the Decree of the President of the Italian
Republic No. 633/72 - Art. 44 of Dir. 2006/112/EC EU reverse charge
VC = transaction not subject to VAT - Art. 7ter of the Decree of the President of the Italian
Republic No. 633/72 - Art. 44 of Dir. 2006/112/EC Extra-EU reverse charge
GME’ PURCHASES:
AQ = reverse-charge transaction - Art. 17, co. 6, of Presidential Decree 633/72 - reverse charge
A7 = EU supply not subject to VAT - Art. 44 of Dir.2006/112/EC and Art. 196 of Dir.2006/112/CE EU
reverse charge
A8 = Extra-UE supply not subject to VAT - Art. 44 of Dir.2006/112/EC and Art. 196 of Dir.2006/112/CE 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 the Art. 8 of the Decree of the President of the Italian Republic No. 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 = transaction not subject to VAT - Art. 7ter of the Decree of the President of the Italian Republic No. 633/72 - Art. 44 of Dir. 2006/112/EC EU reverse charge
VC = transaction not subject to VAT - Art. 7ter the Decree of the President of the Italian Republic No. 633/72 - Art. 44 of Dir. 2006/112/EC Extra-EU reverse charge
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