Tungsten Network offers Italian businesses 100 per cent reporting on all cross-border invoicing early
London, 16 February 2022: Tungsten Corporation plc, a leading provider of digital financial management and software solutions, is offering Italian businesses early access to 100 per cent reporting on all cross-border invoicing. Ahead of the upcoming changes being introduced by the Italian Government in July this year, where cross-border invoices need to be reported to the SdI (Sistema die Interscambio), Tungsten Network has made the service, optionally, available from January 2022.
As many governments look to improve their present and future fiscal health and ensure the correct taxes are recorded and collected by their Treasury, mandated reporting and e-invoicing are becoming more commonplace. Italy has led the way in Europe since it introduced the e-invoicing mandate in 2019.
Commenting on the provision of recording all cross-border invoicing, Ruud van Hilten, VP Product Compliance at Tungsten Network said, “Tungsten has been a registered intermediary in Italy since the start of the e-invoicing mandate in 2019. And because we offer a superbly stable solution, many businesses in Italy want to work with us. Now, we can report 100% of sales and purchase invoices to SdI, including domestic, cross-border and intercompany invoices well ahead of the deadline to do so.
He continued, “Talking to suppliers and buyers we hear that they really appreciate having one provider to handle all their Italian invoices and, that we provide pre-validation before invoices are reported to SdI. This serves to make the process as efficient and as automated as possible. Resulting in fewer errors, improved recording, and a speedier process. Added to that we offer compliant archiving for all invoice types, offering reassurance and peace of mind”.
PWC is Tungsten Network’s tax compliance advisor. Ellen Cortvriend, Director Indirect Tax at PwC in Belgium and leader of PwC’s Centre of Excellence on e-invoicing & e-reporting explains “In response to the strong push toward mandated e-invoicing and real-time reporting obligations globally, businesses increasingly look for a partner with a comprehensive global solution to support them in all facets of the invoicing process. This trend is set to continue and accelerate in the coming years as regulatory and technological complexities keep growing with new obligations on the way in many countries”.
Tungsten Network also confirmed that Italian businesses can use their service for all cross-border invoices, and they can be reported as soon as the invoices are available with no special reporting cycles required.
Tungsten Network is committed to being the world’s most trusted businesses transaction network and offering Italian businesses the opportunity to adopt the new cross-border reporting six months ahead of its mandated introduction demonstrates this commitment to its partners, and its pivotal role in ensuring partners fulfil their own key financial outcomes.
About Tungsten Network
Tungsten Corporation (AIM: TUNG) is the world’s largest, compliant business transaction network. A leading global electronic invoicing and purchase order transactions network; Tungsten’s mission is centred on enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process.
Tungsten processes invoices for 74% of the FTSE 100 and 71% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 54 countries, and last year processed transactions worth over £220 billion for organisations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever and the US Federal Government.
Founded in 2000 and headquartered in London, Tungsten has offices in the US, Bulgaria and Malaysia, employing over 227 people.