Izba Rozliczeniowa Giełd Towarowych S.A. (“IRGiT”) has amended the Detailed Clearing and Settlement Rules of the Exchange Clearing House, including in particular adaptation of the provisions of §17 - §20 regarding the calculation of initial and variation margins and cross-product and cross-period netting to the differentiation of VAT rates for different delivery periods.
Accordingly, after the session on 28 February 2025, the VAT rates relevant to the Clearing House Member will be introduced into the clearing system, taking into account, for the respective delivery periods, the end date of the VAT reverse charge mechanism for the electricity and gas market as defined in the VAT Act.
Please remember that according to the provisions of the VAT Act currently in effect, the VAT reverse charge mechanism for the electricity and gas market as defined in the VAT Act is in effect until 28 February 2025. At the same time, legislative work is currently underway to enact the Act amending the VAT Act, the Excise Tax Act and certain other acts, which envisages the extension of the effective term of the reverse charge mechanism until 31 December 2026.
These amendments come into effect as of 1 March 2025.
Should you have any other questions, please contact us at: @email