> For the complete documentation index, see [llms.txt](https://initiativ.gitbook.io/initiativ/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://initiativ.gitbook.io/initiativ/mm_internal/retained-from-version-0.1-not-yet-reworked/v01-13.9.3-vat-treatment.md).

# (v01) 13.9.3 VAT Treatment

**Trading of Instruments:** The purchase and sale of emission allowances (EUA and UKA) operates under the **reverse charge mechanism** for VAT purposes. No VAT is applied by the Exchange at the point of transaction. Members are responsible for accounting for VAT in accordance with their applicable jurisdiction and VAT registration status.

**Exchange Fees:** Membership fees, trading fees, API access fees, and training fees are subject to VAT at the applicable rate. VAT is charged in addition to the fees listed in Section 9.1 and is shown separately on invoices.

**Member Responsibility:** Members are responsible for their own VAT compliance, reporting, and filings. Members should consult with their tax advisors regarding their specific VAT treatment and obligations in relation to trading activity on the Exchange.