Tungsten Corporation PLC Tungsten receives e-Invoicing approval for India
11 March 2015 - 6:02PM
RNS Non-Regulatory
TIDMTUNG
Tungsten Corporation PLC
11 March 2015
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN
NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF
THE RELEVANT LAWS OF SUCH JURISDICTION
For Immediate Release 11/03/15
Market update
Tungsten receives approval for e-Invoicing in India
London, 11 March, 2015 - Tungsten Corporation plc (LSE:TUNG),
the global e-Invoicing, invoice financing and analytics company,
today announced that it has received nationwide approval in India
to electronically deliver invoices for services.
Tungsten also helped effect a change in legislation, allowing
all service-related invoices to be transmitted electronically in
India.
As a result of Tungsten's efforts, the Minister of Finance
(Department of Revenue) has updated the Service Tax law (No.
5/2015-Service Tax) to include a welcome clarification on the use
of digital signatures as a means for authenticating invoices. This
brings Indian Tax Law in line with the Indian IT Act, 2000. As a
result, from 1 March 2015, all domestic invoices for services,
rather than for goods, can be signed using a digital signature.
This change brings India closer in line with other parts of the
world, with digital signatures being common practice for
authenticating invoices electronically in the EU and other
markets.
Edmund Truell, Tungsten Group CEO, said: "This is a major step
forward for e-Invoicing in India, which has the potential to be one
of the largest global markets for Tungsten. Due to the legislative
changes made, Tungsten will now be able to offer customers in India
an e-Invoicing and e-archiving service similar to those we provide
in the EU and the rest of the world. Tungsten expects to receive
full e-Invoicing compliance in India in the coming months."
Enquiries:
Tungsten Corporation plc
Edmund Truell, Chief Executive Officer +44 20 3435 5680
Juliana Wheeler, Head of Global Communications +44 20 7280 7973
Charles Stanley Securities
(Nominated Adviser and Joint Broker)
Marc Milmo/Dugald Carlean +44 20 7149 6000
Canaccord Genuity Limited
(Joint Broker)
Simon Bridges/Peter Stewart/Cameron Duncan +44 20 7523 8000
Neustria Partners (Investors and Analysts)
Robert Bailhache/Nick Henderson/Charles Gorman +44 20 3021 2580
Equus Group (Media)
Piers Hooper / Sam Barton/ James Culverhouse +44 20 7223 1100
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) accelerates global trade by
enabling customers to streamline invoice processing, improve
cash-flow management and make better buying decisions from their
detailed spend data.
Buyer organisations that join Tungsten Network, the world's
largest compliant electronic invoice network, can reduce their
invoice-processing costs by 60%. Suppliers benefit from
efficiencies, greater visibility of their invoice status and peace
of mind. Tungsten offers supply chain financing through Tungsten
Bank*; and helps buying organisations profit by applying real-time
spend analytics to its vast repository of line-level invoice
data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100
by connecting the world's largest companies and government agencies
to their thousands of suppliers around the globe. It enables
suppliers to submit tax compliant e-Invoices in 47 countries, and
last year processed transactions worth over $187bn for
organisations such as Alliance Data, Aviva, Cargill, Deutsche
Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's,
and the US Federal Government.
Tungsten Corporation acquired DocuSphere, a provider of accounts
payable automation solutions in September 2014.
Contact: Juliana Wheeler, Head of Global Communications, +44 20
7280 7973.
juliana.wheeler@tungsten-network.com
* Tungsten Bank is authorised by the Prudential Regulation
Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority. Tungsten Bank is registered on the
financial services register with firm reference number 139209.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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