E-invoicing mandates continue their proliferation as more governments attempt to plug their budget black holes. With most of the mandates, the onus of responsibility tends to fall on the supplier but we’re also seeing some responsibility fall to buyers to report their record of transactions to government portals.
Tungsten Network is responding and prioritizing our readiness to comply with mandates that are due to go live and those further down the line and has put in place a strategic operational model that will enable us to deliver the most value for customers when new e-mandates emerge.
Overview of pending mandates
Phase 1 begins December 4th, 2021 when invoices must be sent in a structured file format and archived locally in Saudi. Phase 2 is set to become mandatory on January 1st, 2023, at which time supplier invoices will need a digital signature and cleared via the Saudi Government ZACTA platform, where a QR code and Universal Identification number will be applied to the invoice before it can be sent on to the buyer.
As of 1st January 2022, this mandate change impacts both buyers and suppliers in terms of reporting responsibilities. Invoices from Italian suppliers sent to non-Italian buyers and invoices received by Italian buyers from non-Italian suppliers must be reported to the SdI (invoice exchange platform).
Currently this is done via the Estermetro reporting platform. As of January 2022, cross border invoices sent and received must be reported to the SdI (invoice exchange platform) in the same format as domestic B2B invoices (FatturaPA XML).
The planned update scheduled for October 1st, 2021, requiring suppliers to include a Carte a Porte transportation note within the CFDI (tax invoice) invoices has been postponed until January 1st, 2022.
E-invoicing mandate. Whilst the Phase 1 launch date of 1st of January 2023 might seem a long way off, France is a very important market for many buyers and suppliers.
E-invoices will need to be submitted through the Chorus Pro platform which Tungsten is already connected to. In 2017 Tungsten participated in the pilot project and is well placed to deliver the compliance service for customers. We expect to see the final requirements for service providers on 21st of September 2021 and will provide an update accordingly.
Will it happen this time? October 1st, 2021. We have all prepared for the go live on a number of occasions and we have prepared to go live once again.
It’s vital that customers engage with Tungsten between now and the new year, to prepare in good time. The first phase will require all major enterprises to be able to receive e-invoices when the mandatory transmission of business documents through the MyData platform is expected to begin; with following types of businesses are expected to initially comply:
- Businesses with double-entry accounting books with a turnover of over € 50.000
- Businesses with single-entry accounting books with a turnover of over € 100.000
From the 1st November 2021: all other companies must submit their invoices to the MyData platform.
We invite our customers to engage with our account managers to discuss the volumes of invoices that you want to put through Tungsten Network and they in turn can update you on our compliance solutions for each country.