16 Nov 2018 09:30
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
For Immediate Release
16 November 2018
Tungsten Network secures SdI intermediary registration in Italy
Tungsten Network customers can now transact electronically with the Italian tax authority in readiness for the country's mandatory 1 January 2019 B2B e-invoicing deadline
Tungsten Network, the global business transaction network, has completed final testing with the Italian tax authority, the Sistema di Interscambio (SdI), to become a fully registered intermediary for B2B e-invoicing in the country.
In March, the Italian government announced that all businesses registered in Italy will be required to send invoices and associated documents electronically via the SdI with effect from 1 January 2019. The legislation aims 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. This follows 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 customers are able to use the Tungsten Network platform to send and receive electronic invoicing documents via the SdI. Most of the Company's customers have already chosen Tungsten Network as their preferred intermediary in Italy, including General Electric, GlaxoSmithKline and Nestlé.
Richard Hurwitz, Tungsten's Chief Executive, commented: "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. 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."
Enquiries:
Tungsten Corporation plc | +44 (0)20 7280 7983 |
Richard Hurwitz, Chief Executive Officer | |
Daniel Brady, Global Communications Manager | |
Speed Communications | |
George Beard | +44 (0)7980 816 170 |
Kerry Gould | +44 (0)7872 811 735 |
tungsten@speedcomms.com |
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) aims to be the world's most trusted business transaction network by using data intelligently to strengthen the global supply chain.
Tungsten Network is a secure business transaction network that brings businesses and their suppliers closer together with unique technology that revolutionises invoice processing, maximises efficiency and improves cash flow. Delivering trusted connections and streamlined transactions, the network also provides users with real-time spend analysis and offers access to trade finance through Tungsten Network Finance.
Tungsten Network processes invoices for 74 percent of the FTSE 100 and 71 percent of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 48 countries, and last year processed transactions worth over £164bn for organisations such as Alliance Data, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Mondelēz International, Henkel, IBM, Kellogg's and the US Federal Government.