Market Access

Environment - Energy Efficiency Certificates (TEE)

RULES HOW TO PARTICIPATE HOW TO OPERATE FEES AND SETTLEMENT LIST OF PARTICIPANTS M-TEE LINK

ACCOUNTING AND TAXATION

INVOICING

TAXATION

TAXATION
TAXATION OF FEES AND REPORTING OBLIGATIONS

INVOICING

GME, given "g" as day related to the TEE market session, on day "g+1" makes available to each seller, for all transactions concluded, a communication with proforma invoice related to the sales made by the same, containing all the information necessary for preparation of the invoice to be issued to GME.

On day "g+2", GME issues the invoices related to the session concluded on day "g" to the purchasing Market Participants.
Within the same day, GME receives from the sellers the passive invoices related to the session concluded on day "g".
Market Participants, both buyers and sellers, each quarter, receive an invoice by GME, within the seven days following the end of the quarter in which the reference sessions were held, the fees due for the services provided by GME for trading on the MTEE.

The exchange of communications related to the proforma invoices and invoices between GME and Market 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 through the so-called Sistema di Interscambio (SDI).

TO TOP

TAXATION

The purchases and sales on the TEE market are qualified general services, their VAT chargeability depends on the place where the purchasing Participant is established. Transactions with counterparties based in Italy are invoiced by GME to the Italian Participants, or by the latter to GME, without VAT application. In fact, it is the buyer who applies the reverse charge mechanism.
Sales to foreign EU Participants are made without VAT application if the purchaser is a taxable person in his/her/its own country.
In this case, it is the Participant that applies the reverse charge mechanism.

Sales to non-EU Participants are made without application of VAT.

In case of purchase from both an EU and non-EU Participant, GME receives an invoice without VAT and pays the VAT in Italy through the reverse charge.

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

TO TOP

TAXATION OF FEES AND REPORTING OBLIGATIONS

The services supplied on the MTEE shall mean general 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" (exporter on a permanent basis) 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.

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.

If the entity (parent company or fixed establishment) that will materially carry out the purchase and/or sale transactions in the MTEE and/or on the TEE Register is different from the entity (parent company or fixed establishment) admitted as Participant to the MTEE and/or TEE Register, the latter Participant (as parent company or fixed establishment) is required to notify to GME of the entity (parent company or fixed establishment) that will materially carry out the purchase and/or sale transactions.

A Participant that is registered only in the TEE Register must file the statement only for the TEE Register, by using the following form.

On the other hand, the Participant also registered on the MTEE must also provide the declaration for the MTEE, according to the following form.

The above-mentioned statements will have effect by the end of the second working day following receipt of the request by GME, if the documents are correct and complete and if the requirements, if any, for updating the data and information provided by the Participant are satisfied.