Payment Terms Legislation In Iceland

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Iceland

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

To access the complete international payment terms data, download the international payment terms whitepaper.

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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