The product extension makes Sovos eInvoice a solution for VAT and e-invoicing compliance in Italy, covering all four areas that companies established in Italy must consider for full compliance: accounts payable, accounts receivable, compliant e-archiving and value-added tax (VAT) reporting.
Italy has mandated e-invoicing for business-to-government transactions since 2014. However, the country still has the highest tax gap within the European Union at EUR 35 billion. At the outset of 2019, all companies established in Italy must adopt a clearance e-invoicing model for domestic invoices issued by the Agenzia delle Entrate, Italys revenue agency. Failure to comply can result in penalties ranging from 90% to 180% of the VAT inaccuracy.
Sovos enables businesses to keep e-invoices compliant with existing regulations, including support of eIDAS e-signature requirements and compliant archiving of invoices for audit purposes. In addition, Sovos e-invoicing compliance is embedded in approximately 70 B2B transaction automation solutions, including EDI, P2P, and supply chain management applications.
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