Payment Terms Legislation In Slovakia

Act 513/199 amended the Commercial Code, articles 340a and 340b, to enact the EU Late Payment Directive (see European Union for details).

Act no. 91/2019 on Unfair Conditions in the Food Trade and on Amendments to Certain Acts, along with amendments from Act no. 219/2021, enact the EU UTP in the supply chain directive in Slovakia (see European Union for details). In addition payment terms for food products are restricted to 30 days from invoice if the invoice is received within 10 days after delivery. If the invoice is received more than 10 days after delivery the maximum payment term is 20 days. For selected foods – for immediate consumption – the term is 15 days from invoice. The law does not set any size threshold for buyers and suppliers.

The Law on the Prevention of Late Payments enacts the EU Late Payment Directive (see European Union for details). In addition companies are unable to claim VAT for unpaid overdue invoices and a centralised reporting database has been set up for protested bills of exchange due to non-payment.

Among other legal provisions, amendments primarily to article 61 of The Agricultural Act of 2008, which were made on 27 July 2021 enact the EU UTP in the supply chain directive in Slovenia (see European Union for details).

The Declaration of Encouragement to Increase Payment Discipline in the Country is a code established by the Slovenian Chamber of Commerce.

Code of Good Business Practices Among Stakeholders in the Agri-Food Chain is promoted by the Chamber of Agricultural and Food Processing Companies.

See European Union for the Directive on Unfair Trading Practices in the Food Supply Chain which was adopted on 30 April 2019.

The default late payment penalty interest is the European Central Bank refinancing rate, set semi-annually, plus 8%.