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.
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, said: “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.”