Payment Terms Legislation In Belgium

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Belgium

Please scroll down for a summary of payment terms in Belgium and the various industries across which payment term legislation appears.

Please click here to view payment terms for the European Union.

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Industries Laws Codes Notes Interest Rate
Government
Comm_terms_law
Construction
Manufacturing
Retail_agriculture
Services

Laws

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).

Codes

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.

Interest Rate

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.

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