Italy’s e-invoicing Mandate – TrustWeaver Will Help You Remain Compliant
P R E S S I N F O R M A T I O N
Stockholm, 1st February 2018
Italy has announced that it will soon stop considering business-to-business invoices and consumer bills on paper as valid for Value-Added-Tax (VAT) purposes.
For companies in the petrol, diesel, and motor fuel sector, as well as sub-contractors performing services to the public sector as part of a framework service agreement, the deadline for the compulsory introduction of electronic invoices is 1 July this year. All other Italian business invoices and consumer bills must be electronic by 1 January 2019. This tough Italian e-invoicing mandate in many ways resembles the status quo in many Latin American and other emerging economies: the invoice must be submitted to an online government platform before it is considered as issued for tax purposes.
TrustWeaver has automated e-invoice compliance for thousands of companies and their service providers in Italy since 2005. As part of its contractual undertakings to its customers, the TrustWeaver service will be adjusted to meet these new requirements in a timely manner.
Dag Hedfors, Director of Product Management at TrustWeaver, said:
“We have worked with these types of real-time tax control systems for almost a decade in countries outside the EU. Italy is the first European Union Member State to go as far as mandating full-fledged clearance for business and consumer invoices. We’re expecting that countries like Portugal, Spain, France and Hungary may well move toward real-time controls in the coming years too. Based on our unique global legislative monitoring approach and long experience in working with tax administrations and businesses to automate electronic document compliance in some 60 countries, we can guarantee that the hundreds of thousands of businesses that rely on our service always stay on the right side of the law. If you’re not sure you already benefit from these unique assurances, ask your solution or service provider if they have the TrustWeaver service enabled for your invoices.”
Constant technological innovation is squeezing inefficiencies out of physical and financial supply chains. Online business is booming. Today, with just a single mouse click, we can get customized goods and services delivered at tantalizing speeds, from almost anywhere in the world.
However, governments are getting nervous. Borderless transactions pose a threat to their keeping control overflows of data, goods, and money. So their response has been to introduce more legal technology controls – at an alarming rate. And this is having a ripple effect on companies, leaving them struggling to keep on top of these diverse and constantly changing laws.
Each new law increases their risk – and fear – of non-compliance, driving companies to panic and spend heavily on legal advice and ad hoc technology fixes. But relying on the centuries-old practices of the legal profession and yesterday’s technology is a surefire way to fall behind and, ultimately, out of compliance.
What businesses urgently need are modern trust and compliance tools. At TrustWeaver, we are on a mission to automate the complex legal decisions behind fast-moving business transactions. We make business processes more efficient by delivering you a cloud-based solution that guarantees real-time trust and compliance for hundreds of millions of diverse business transactions every year in more than 50 countries. In business since 2001, TrustWeaver is headquartered in Stockholm, Sweden.
Media Contact: Charlotte.Kerridge@trustweaver.com