New Italian legislation set to transform the way fleets pay for fuel
14th February 2018
As fleets and professionals prepare for new Italian legislation that makes business-to-business (B2B) e-invoicing for fuel purchases mandatory, WEX Europe Services, owner and supplier of the Esso Card™, has the solution.
From the 1st July 2018, all fuel transactions between private businesses in Italy must be passed through a government-controlled e-invoicing system, so that the tax authorities can audit and monitor all dealings between trading partners.
If a paper invoice is raised, it will be ineligible for a company’s accounts and will be labelled as either ‘missing or late’, leading to a fine of between 90% and 180% of the related VAT.
Any deductible fuel or VAT costs, therefore, will only be reimbursed if transactions are made via a credit, debit or prepaid card, and this is where WEX Europe Services has the answer. In addition to enabling businesses to abide by the new legislation, the Esso Card™ delivers several other benefits:
The Esso Card™ not only entitles cardholders to discounts when filling up at the pumps from one of over 2,400 forecourts within the Esso network in Italy, it allows companies holding a VAT number to manage all of their transactions easily.
Esso Card™ customers can relax and focus on improving other aspects of their business, thanks to a slick, secure and professional handling process. Invoices will be compliant with the imminent regulations, ensuring the correct amount of tax is paid, while expenses will be reimbursed quickly and efficiently.
All transactions, though, can still be monitored and evaluated securely via WEX Europe Services’ Velocity portal.
Head of Sales (Italy), Luca Menicocci, said: “Fleets need to be prepared for the 1st July deadline because it is getting closer. They can apply for an Esso Card™ today and use it to simplify the way they manage and be compliant with this new legislation.”