Payment Terms Legislation In Iceland

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Iceland

Please see below for a summary of payment terms in Iceland and the various industries across which payment term legislation appears. You can also download a summary of all Icelandic payment terms by clicking the button below.

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

Laws

As a member of the European Economic Area, Iceland has enacted the EU Late Payment Directive in law No. 8/2015 – Act on late payment in commercial transactions. (See European Union for details)

Government Comm_terms_law Construction Manufacturing Retail_agriculture Services
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Interest Rate

The default late payment interest rate for commercial transactions is the default interest rate of the Central Bank of Iceland plus 8%.

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