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.

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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.

Government Comm_terms_law Construction Manufacturing Retail_agriculture Services
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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).

Comm_terms_law Retail_agriculture
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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.

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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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