Tungsten Corp becomes fully-registered e-invoicing intermediary in Italy
By Josh White
Date: Friday 16 Nov 2018
(Sharecast News) - Tungsten Corp, trading as Tungsten Network, has completed final testing with the Sistema di Interscambio tax authority in Italy to become a fully-registered intermediary for business-to-business electronic invoicing in that country, it announced on Friday.
The AIM-traded firm said that in March, the Italian government announced that all businesses registered in Italy would be required to send invoices and associated documents electronically via the tax authority with effect from 1 January next year.
It said the legislation aimed to improve efficiencies and enhance tax revenues in Italian business-to-business transactions, requiring companies to alter their procure-to-pay processes in order to issue invoices.
That followed the introduction of mandatory business-to-government e-invoicing in 2014 for suppliers to public administrative and government bodies.
With full SdI intermediary registration, Tungsten Network said its customers were able to use the platform to send and receive electronic invoicing documents via the Sistema di Interscambio.
It said that most of the company's customers had already chosen Tungsten Network as their preferred intermediary in Italy, including General Electric, GlaxoSmithKline and Nestlé.
"Tungsten Network's mission has always been to provide our customers with a secure platform that enables them to comply with the ever-changing tax and regulatory landscape while achieving efficiencies in their P2P processes," said chief executive officer Richard Hurwitz.
"Today, with our certification as an authorised intermediary of the SdI, we take a significant step towards fulfilling that mission.
"We anticipate that other countries will follow Italy's lead, and we will continue to work with global tax authorities to stay ahead of statutory changes as they inevitably occur."
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