Payment Terms Legislation In Cyprus

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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


The Law on Combating Late Payments in Commercial Transactions of 2012 enacts the EU Late Payment Directive (see European Union for details).

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.

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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