Why is the European Commission proposing this late payment regulation? and what potential consequences are there?
On 12th September 2023, the European Commission took initial steps to combat late payments in commercial transactions in Europe. This proposal would revise an existing directive from 2011 and aims to “bring fairness in commercial transactions, increase the resilience of SMEs and supply chains, foster a more widespread use of digitalization, and improve the financial literacy of entrepreneurs.”
What you will learn:
- Why is this being proposed now?
- What are the best next steps?
- How likely is the regulation is to pass?