Payment Terms Legislation In Cyprus

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Cyprus

Please scroll down for a summary of payment terms in Cyprus 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 on Combating Late Payments in Commercial Transactions of 2012 enacts the EU Late Payment Directive (see European Union for details).

Government Comm_terms_law Construction Manufacturing Retail_agriculture Services
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2021 Law on Unfair Commercial Practices in the Supply Chain of Agricultural Products and Food enacts the EU UTP directive (See European Union for details). The maximum terms of 30 days for perishable goods and 60 days for other agricultural goods do not include payments for grapes and to buyers with an annual turnover of less than two million euros.

Comm_terms_law Retail_agriculture
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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.

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