Payment Terms Legislation In Belgium

The Law of 2 August 2002 on Combating Late Payment in Commercial Transactions enacts the EU Late Payment Directive (see European Union for details). Additionally amendments set a strict maximum term of 60 days where the creditor is an SME and the debtor is not an SME.

The Law of 28 November 2021 implementing Directive (EU) 2019/633 of the European Parliament, enacts the EU UTP directive in Belgium (see European Union for details).

The Supply Chain Initiative in Belgium is connected with the European Supply Chain Initiative aimed at the agriculture and food sector and provides a code of conduct and dispute resolution mechanism.

The default late payment penalty interest rate for commercial transactions is the European Central Bank refinancing rate plus 8%, set semi-annually and rounded to the next half a percent.