{ "title": "Payment term conventions by country", "description": "Typical B2B payment terms, statutory defaults and maximums, statutory late-payment interest, and prompt-payment legislation by jurisdiction.", "row_count": 43, "source": "https://jupiterinvoice.com/reference/payment-term-conventions-by-country/", "license": "CC BY 4.0 with attribution to JupiterInvoice and each row's primary source.", "rows": [ { "country_code": "AT", "country_name": "Austria", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Longer than 60 days only if expressly agreed and not grossly unfair to the creditor (UGB §459).", "statutory_interest_rate": "ECB base rate + 9.2 percentage points for B2B (Zahlungsverzugsgesetz)", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Zahlungsverzugsgesetz (ZVG) 2013, amending UGB and ABGB", "reporting_regime": "None specific to payment practices", "public_sector_default_days": 30, "source_url": "https://www.ris.bka.gv.at/", "source_name": "Rechtsinformationssystem des Bundes (RIS)", "last_verified": "2026-05-27", "notes": "Austria's +9.2pp B2B rate is one of the highest premiums in the EU." }, { "country_code": "BE", "country_name": "Belgium", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Hard 60-day cap for B2B since the 2022 reform; parties cannot extend by agreement. Verification period counted INSIDE the 60 days.", "statutory_interest_rate": "ECB marginal lending rate + 8 percentage points (semi-annually set by Finance Ministry)", "fixed_recovery_costs": "EUR 40 per invoice plus reasonable recovery costs", "prompt_payment_law": "Law of 2 August 2002 on combating late payment, as amended by Law of 14 August 2021 (in force 1 Feb 2022)", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://www.ejustice.just.fgov.be/eli/loi/2002/08/02/2002009787/justel", "source_name": "Moniteur belge / Belgisch Staatsblad", "last_verified": "2026-05-27", "notes": "Belgium tightened beyond the Directive: 60-day hard cap with no opt-out for B2B." }, { "country_code": "BG", "country_name": "Bulgaria", "typical_b2b_term": "Net 30 to Net 60", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Longer only if expressly agreed and not grossly unfair to the creditor.", "statutory_interest_rate": "BNB base rate + 10 percentage points", "fixed_recovery_costs": "BGN 80 (approx EUR 40)", "prompt_payment_law": "Commercial Act (Targovski zakon), Art. 303a and 309a, transposing Directive 2011/7/EU", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://lex.bg/laws/ldoc/-14917630", "source_name": "lex.bg", "last_verified": "2026-05-27", "notes": "Bulgaria sets the highest statutory interest premium in the EU at +10pp." }, { "country_code": "HR", "country_name": "Croatia", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Longer only if expressly agreed in writing and not grossly unfair.", "statutory_interest_rate": "HNB reference rate + 8 percentage points (B2B); set semi-annually", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Zakon o financijskom poslovanju i predstečajnoj nagodbi (Financial Operations Act)", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://www.zakon.hr/", "source_name": "Narodne novine (Official Gazette)", "last_verified": "2026-05-27", "notes": "Croatia adopted euro on 1 Jan 2023; statutory compensation now EUR 40." }, { "country_code": "CY", "country_name": "Cyprus", "typical_b2b_term": "Net 30 to Net 60", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Longer only if expressly agreed and not grossly unfair.", "statutory_interest_rate": "ECB reference rate + 8 percentage points", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Law 123(I)/2012 on combating late payment in commercial transactions", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "http://www.cylaw.org/nomoi/enop/non-ind/2012_1_123/full.html", "source_name": "CyLaw", "last_verified": "2026-05-27", "notes": "Cultural payment practices skew long; legal regime is standard Directive transposition." }, { "country_code": "CZ", "country_name": "Czech Republic", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Longer only if expressly agreed in writing and not grossly unfair.", "statutory_interest_rate": "CNB repo rate (as at first day of half-year) + 8 percentage points", "fixed_recovery_costs": "CZK 1,500 (approx EUR 60) per invoice", "prompt_payment_law": "Civil Code (Act 89/2012) §1963-1972 and Government Regulation 351/2013", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://www.zakonyprolidi.cz/cs/2012-89", "source_name": "Zákony pro lidi", "last_verified": "2026-05-27", "notes": "CZK-denominated fixed compensation is set by regulation, not the EUR 40 directive minimum." }, { "country_code": "DK", "country_name": "Denmark", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Longer only if expressly agreed and not grossly unfair to the creditor (Renteloven §3a).", "statutory_interest_rate": "Nationalbank lending rate + 8 percentage points", "fixed_recovery_costs": "DKK 310 (approx EUR 42) per invoice", "prompt_payment_law": "Renteloven (Interest Act), Consolidated Act 459 of 2014", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://www.retsinformation.dk/eli/lta/2014/459", "source_name": "Retsinformation", "last_verified": "2026-05-27", "notes": "Among the strongest payment cultures in the EU; typical DSO well below the statutory default." }, { "country_code": "EE", "country_name": "Estonia", "typical_b2b_term": "Net 14 to Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Longer only if expressly agreed and not grossly unfair.", "statutory_interest_rate": "ECB main refinancing rate + 8 percentage points", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Law of Obligations Act (VÕS) §113, §113-1", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://www.riigiteataja.ee/en/eli/506112013011/consolide", "source_name": "Riigi Teataja (State Gazette)", "last_verified": "2026-05-27", "notes": "Short typical terms reflect digital-first invoicing culture and small-market norms." }, { "country_code": "FI", "country_name": "Finland", "typical_b2b_term": "Net 14 to Net 21", "statutory_default_days": 30, "statutory_max_b2b_days": 30, "statutory_max_caveat": "Finland goes beyond the Directive: B2B terms capped at 30 days where the creditor is an SME, unless expressly agreed otherwise. General private cap is 60 days.", "statutory_interest_rate": "ECB reference rate + 8 percentage points (set semi-annually by Bank of Finland)", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Laki kaupallisten sopimusten maksuehdoista (30/2013)", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://www.finlex.fi/fi/laki/ajantasa/2013/20130030", "source_name": "Finlex", "last_verified": "2026-05-27", "notes": "Finland's SME-favouring 30-day cap is a meaningful divergence from the Directive baseline." }, { "country_code": "FR", "country_name": "France", "typical_b2b_term": "Net 30 to Net 60", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Hard caps in Code de commerce L441-10: 60 days from invoice date, or 45 days end-of-month if expressly agreed. No opt-out. Sector-specific caps tighter (e.g. transport 30 days).", "statutory_interest_rate": "ECB refinancing rate + 10 percentage points, with floor of 3x the legal interest rate", "fixed_recovery_costs": "EUR 40 per invoice plus reasonable additional recovery costs", "prompt_payment_law": "Code de commerce L441-10 to L441-16 (formerly LME 2008), as amended", "reporting_regime": "Large companies must disclose payment practices in annual report; DGCCRF publishes administrative sanctions", "public_sector_default_days": 30, "source_url": "https://www.legifrance.gouv.fr/codes/section_lc/LEGITEXT000005634379/LEGISCTA000038414861/", "source_name": "Légifrance", "last_verified": "2026-05-27", "notes": "Enforced by DGCCRF with named-and-shamed administrative fines up to EUR 2m." }, { "country_code": "DE", "country_name": "Germany", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "BGB §271a: B2B beyond 60 days only if expressly agreed and not grossly unfair; verification periods over 30 days similarly restricted.", "statutory_interest_rate": "Basiszinssatz (Bundesbank base rate) + 9 percentage points for B2B", "fixed_recovery_costs": "EUR 40 per invoice (BGB §288(5))", "prompt_payment_law": "BGB §286, §288, §271a; Gesetz zur Bekämpfung von Zahlungsverzug (2014)", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://www.gesetze-im-internet.de/bgb/__288.html", "source_name": "Gesetze im Internet", "last_verified": "2026-05-27", "notes": "Basiszinssatz is republished by the Bundesbank every 1 Jan and 1 Jul." }, { "country_code": "GR", "country_name": "Greece", "typical_b2b_term": "Net 60 to Net 90", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Longer only if expressly agreed and not grossly unfair.", "statutory_interest_rate": "ECB refinancing rate + 8 percentage points", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Presidential Decree 166/2003 as amended by Law 4152/2013 (Subpara. Z.5)", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://www.et.gr/", "source_name": "Government Gazette (FEK)", "last_verified": "2026-05-27", "notes": "Despite statutory regime, market convention runs notably longer than Directive baseline; enforcement is weaker." }, { "country_code": "HU", "country_name": "Hungary", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Civil Code §6:130: presumption that over 60 days is grossly unfair to creditor (rebuttable).", "statutory_interest_rate": "MNB base rate + 8 percentage points", "fixed_recovery_costs": "EUR 40 (paid in HUF at MNB rate)", "prompt_payment_law": "Civil Code (Act V of 2013) §6:155", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://njt.hu/jogszabaly/2013-5-00-00", "source_name": "Nemzeti Jogszabálytár", "last_verified": "2026-05-27", "notes": "Presumption-of-unfairness construction is stricter than Directive baseline." }, { "country_code": "IE", "country_name": "Ireland", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Longer only if expressly agreed and not grossly unfair.", "statutory_interest_rate": "ECB main refinancing rate + 8 percentage points", "fixed_recovery_costs": "EUR 40 to EUR 100 per invoice (sliding scale by invoice value)", "prompt_payment_law": "European Communities (Late Payment in Commercial Transactions) Regulations 2012 (S.I. 580/2012)", "reporting_regime": "Prompt Payment Code (voluntary)", "public_sector_default_days": 30, "source_url": "https://www.irishstatutebook.ie/eli/2012/si/580/made/en/print", "source_name": "Irish Statute Book", "last_verified": "2026-05-27", "notes": "Public bodies under separate 15-day target for prompt payment by government commitment." }, { "country_code": "IT", "country_name": "Italy", "typical_b2b_term": "Net 60 to Net 90", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "D.Lgs. 231/2002 art. 4: longer than 60 days only if expressly agreed in writing and not grossly unfair.", "statutory_interest_rate": "ECB main refinancing rate + 8 percentage points (set semi-annually by MEF)", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Decreto Legislativo 231/2002 as amended by D.Lgs. 192/2012", "reporting_regime": "Public sector tracked via PCC platform", "public_sector_default_days": 30, "source_url": "https://www.normattiva.it/", "source_name": "Normattiva", "last_verified": "2026-05-27", "notes": "Despite statute, B2B payment practice runs significantly longer than the Directive baseline." }, { "country_code": "LV", "country_name": "Latvia", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Longer only if expressly agreed and not grossly unfair.", "statutory_interest_rate": "ECB refinancing rate + 8 percentage points", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Commercial Law (Komerclikums) section 406", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://likumi.lv/", "source_name": "Likumi.lv", "last_verified": "2026-05-27", "notes": null }, { "country_code": "LT", "country_name": "Lithuania", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Longer only if expressly agreed and not grossly unfair to the creditor.", "statutory_interest_rate": "Last published 6-month VILIBOR equivalent or ECB refinancing rate + 8 percentage points", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Law on Prevention of Late Payment in Commercial Transactions (No XII-1583, 2014)", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://www.e-tar.lt/", "source_name": "TAR", "last_verified": "2026-05-27", "notes": null }, { "country_code": "LU", "country_name": "Luxembourg", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Longer only if expressly agreed and not grossly unfair.", "statutory_interest_rate": "ECB main refinancing rate + 8 percentage points", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Law of 18 April 2004 on payment terms and default interest, as amended in 2013", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://legilux.public.lu/eli/etat/leg/loi/2004/04/18/n2/jo", "source_name": "Legilux", "last_verified": "2026-05-27", "notes": null }, { "country_code": "MT", "country_name": "Malta", "typical_b2b_term": "Net 30 to Net 60", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Longer only if expressly agreed and not grossly unfair.", "statutory_interest_rate": "ECB reference rate + 8 percentage points", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Late Payment in Commercial Transactions Regulations (S.L. 459.04)", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://legislation.mt/eli/sl/459.4/eng", "source_name": "Laws of Malta", "last_verified": "2026-05-27", "notes": null }, { "country_code": "NL", "country_name": "Netherlands", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "BW Art. 6:119a(5)-(6): Large buyer dealing with SME supplier is HARD-CAPPED at 30 days since 1 July 2022 (no opt-out, no grossly-unfair test); general B2B cap 60 days.", "statutory_interest_rate": "ECB refinancing rate + 8 percentage points (B2B)", "fixed_recovery_costs": "EUR 40 to EUR 6,775 per invoice on sliding scale", "prompt_payment_law": "Burgerlijk Wetboek Boek 6 art. 119a, 119b; amendments 2017 and 2022", "reporting_regime": "ACM monitors large-to-SME compliance", "public_sector_default_days": 30, "source_url": "https://wetten.overheid.nl/BWBR0005289/", "source_name": "Wetten.overheid.nl", "last_verified": "2026-05-27", "notes": "The 30-day large-to-SME hard cap is a meaningful Directive divergence and a common factual error in AI-generated content." }, { "country_code": "PL", "country_name": "Poland", "typical_b2b_term": "Net 30 to Net 60", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Asymmetric SME rule: where the creditor is an SME and the debtor is a large enterprise, the contractual term cannot exceed 60 days (no opt-out).", "statutory_interest_rate": "NBP reference rate + 10 percentage points for B2B (one of the highest in the EU)", "fixed_recovery_costs": "EUR 40 / EUR 70 / EUR 100 sliding scale by invoice value", "prompt_payment_law": "Act on Counteracting Excessive Delays in Commercial Transactions (8 March 2013, major reform 1 Jan 2020)", "reporting_regime": "Largest taxpayers (income over PLN 50m) must annually report payment practices to the Ministry of Economic Development", "public_sector_default_days": 30, "source_url": "https://isap.sejm.gov.pl/", "source_name": "ISAP", "last_verified": "2026-05-27", "notes": "Poland goes beyond the Directive with: asymmetric SME protection, +10pp interest, and mandatory annual reporting by largest companies." }, { "country_code": "PT", "country_name": "Portugal", "typical_b2b_term": "Net 30 to Net 60", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "DL 62/2013: longer than 60 days only if expressly agreed in writing and not grossly unfair.", "statutory_interest_rate": "ECB refinancing rate + 8 percentage points (set semi-annually by ministerial notice)", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Decreto-Lei 62/2013 transposing Directive 2011/7/EU", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://diariodarepublica.pt/dr/detalhe/decreto-lei/62-2013-260158", "source_name": "Diário da República Eletrónico", "last_verified": "2026-05-27", "notes": null }, { "country_code": "RO", "country_name": "Romania", "typical_b2b_term": "Net 30 to Net 60", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Longer only if expressly agreed and not grossly unfair.", "statutory_interest_rate": "BNR reference rate + 8 percentage points for B2B", "fixed_recovery_costs": "RON equivalent of EUR 40 per invoice", "prompt_payment_law": "Law 72/2013 on measures to combat late payment in commercial transactions", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://legislatie.just.ro/Public/DetaliiDocument/147390", "source_name": "Portalul Legislativ", "last_verified": "2026-05-27", "notes": null }, { "country_code": "SK", "country_name": "Slovakia", "typical_b2b_term": "Net 30 to Net 60", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Commercial Code §340a-b: longer than 60 days only if expressly agreed and not grossly unfair.", "statutory_interest_rate": "ECB main refinancing rate + 8 percentage points (or fixed 9pp depending on election)", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Commercial Code (Act 513/1991) §340a-340b; Government Regulation 21/2013", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://www.slov-lex.sk/pravne-predpisy/SK/ZZ/1991/513/", "source_name": "Slov-Lex", "last_verified": "2026-05-27", "notes": null }, { "country_code": "SI", "country_name": "Slovenia", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "ZPreZP-1: 60-day cap, and for public-sector debtors a hard 30-day cap with no opt-out; B2B beyond 60 days only if expressly agreed and not grossly unfair.", "statutory_interest_rate": "ECB refinancing rate + 8 percentage points", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Zakon o preprečevanju zamud pri plačilih (ZPreZP-1), Official Gazette 57/2012", "reporting_regime": "Multilateral set-off system (eObveznosti) administered by AJPES for overdue B2B debts", "public_sector_default_days": 30, "source_url": "http://www.pisrs.si/", "source_name": "PIS", "last_verified": "2026-05-27", "notes": "Slovenia operates a mandatory multilateral set-off platform for overdue B2B debts." }, { "country_code": "ES", "country_name": "Spain", "typical_b2b_term": "Net 30 to Net 60", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Ley 15/2010 amends Ley 3/2004: hard 60-day cap for B2B with no opt-out (stricter than the Directive). 30 days for public sector.", "statutory_interest_rate": "ECB main refinancing rate + 8 percentage points (set semi-annually by Ministerio de Economía)", "fixed_recovery_costs": "EUR 40 per invoice", "prompt_payment_law": "Ley 3/2004, as amended by Ley 15/2010 and Ley 18/2022 (Crea y Crece)", "reporting_regime": "Ley Crea y Crece (18/2022) introduced mandatory disclosure of average payment period in financial statements", "public_sector_default_days": 30, "source_url": "https://www.boe.es/buscar/act.php?id=BOE-A-2004-21830", "source_name": "BOE", "last_verified": "2026-05-27", "notes": "Spain's 60-day hard cap with no opt-out is a meaningful divergence from Directive." }, { "country_code": "SE", "country_name": "Sweden", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Räntelagen §2a: longer than 30 days only if the creditor expressly accepts; 60-day cap applies to general B2B.", "statutory_interest_rate": "Riksbank reference rate + 8 percentage points", "fixed_recovery_costs": "SEK 450 (approx EUR 40)", "prompt_payment_law": "Räntelagen (1975:635) §2a, §6; amendments 2013", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://www.riksdagen.se/", "source_name": "Sveriges Riksdag", "last_verified": "2026-05-27", "notes": "Sweden adds a creditor-consent requirement for any extension beyond 30 days even within the 60-day cap." }, { "country_code": "GB", "country_name": "United Kingdom", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Up to 60 days unless expressly agreed and not grossly unfair to the creditor. The 60-day cap was retained post-Brexit via the 2013 Regulations.", "statutory_interest_rate": "Bank of England base rate + 8 percentage points", "fixed_recovery_costs": "GBP 40 / GBP 70 / GBP 100 per invoice on sliding scale by invoice value", "prompt_payment_law": "Late Payment of Commercial Debts (Interest) Act 1998, as amended by the 2002 and 2013 Regulations", "reporting_regime": "Reporting on Payment Practices and Performance Regulations 2017 (large companies must publish payment performance twice yearly); 2024 amendments expanded reporting to retentions and disputes", "public_sector_default_days": 30, "source_url": "https://www.legislation.gov.uk/ukpga/1998/20", "source_name": "UK Government legislation portal", "last_verified": "2026-05-27", "notes": "Reporting threshold: large companies with turnover over GBP 36m, balance sheet over GBP 18m, or over 250 employees." }, { "country_code": "CH", "country_name": "Switzerland", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": null, "statutory_max_caveat": "No statutory cap on B2B payment terms. Code of Obligations art. 102-104 governs default and interest; freedom of contract otherwise prevails.", "statutory_interest_rate": "5 percent per annum by default under CO art. 104 unless contract specifies otherwise", "fixed_recovery_costs": "None statutory; recoverable only if proven", "prompt_payment_law": "Code of Obligations (Obligationenrecht) art. 102-104", "reporting_regime": "None", "public_sector_default_days": 30, "source_url": "https://www.fedlex.admin.ch/eli/cc/27/317_321_377/en", "source_name": "Fedlex", "last_verified": "2026-05-27", "notes": "Switzerland is not in the EU and has no Directive-equivalent. The flat 5% statutory rate is meaningfully lower than EU regimes." }, { "country_code": "NO", "country_name": "Norway", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "EEA implementation mirrors the Directive: 60-day cap subject to not-grossly-unfair test.", "statutory_interest_rate": "Norges Bank key policy rate + 8 percentage points (set semi-annually by Finance Ministry)", "fixed_recovery_costs": "NOK 410 (approx EUR 35) standard compensation", "prompt_payment_law": "Forsinkelsesrenteloven (Lov om renter ved forsinket betaling) 1976, as amended 2013", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://lovdata.no/dokument/NL/lov/1976-12-17-100", "source_name": "Lovdata", "last_verified": "2026-05-27", "notes": "EEA membership obliges Directive-equivalent transposition despite non-EU status." }, { "country_code": "IS", "country_name": "Iceland", "typical_b2b_term": "Net 30", "statutory_default_days": 30, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Law 38/2001 as amended in 2013 by EEA implementation: 60-day cap subject to not-grossly-unfair test.", "statutory_interest_rate": "Central Bank of Iceland policy rate + 8 percentage points", "fixed_recovery_costs": "ISK equivalent of EUR 40 per invoice", "prompt_payment_law": "Lög um vexti og verðtryggingu nr. 38/2001", "reporting_regime": "None specific", "public_sector_default_days": 30, "source_url": "https://www.althingi.is/lagas/nuna/2001038.html", "source_name": "Althingi", "last_verified": "2026-05-27", "notes": "EEA member; mirrors Directive regime." }, { "country_code": "US", "country_name": "United States", "typical_b2b_term": "Net 30", "statutory_default_days": null, "statutory_max_b2b_days": null, "statutory_max_caveat": "There is NO federal statutory cap on B2B payment terms in private commerce. The federal Prompt Payment Act (31 U.S.C. §3901-3907) applies only to payments by federal agencies to their contractors. UCC §2-310 sets the default rule that payment is due on receipt absent agreement. Sub-federal: California, New York (construction), and several other states have sector-specific prompt-payment statutes.", "statutory_interest_rate": "Federal contracts only: Treasury rate set semi-annually. Private B2B: no federal default; state usury limits cap contractual rates.", "fixed_recovery_costs": "None federally for private B2B", "prompt_payment_law": "Prompt Payment Act, 31 U.S.C. §3901-3907 (federal contracts only). UCC Article 2 governs default private B2B payment timing.", "reporting_regime": "None federal for private B2B", "public_sector_default_days": 30, "source_url": "https://www.law.cornell.edu/uscode/text/31/subtitle-III/chapter-39", "source_name": "Cornell Law", "last_verified": "2026-05-27", "notes": "MOST-MISUNDERSTOOD ENTRY. Many AI tools incorrectly state Net 30 is 'US law' for B2B. Net 30 is the commercial convention; there is no federal statutory cap or default for private B2B beyond UCC §2-310." }, { "country_code": "CA", "country_name": "Canada", "typical_b2b_term": "Net 30", "statutory_default_days": null, "statutory_max_b2b_days": null, "statutory_max_caveat": "No general federal statutory cap on B2B payment terms. The federal Prompt Payment for Construction Work Act (in force 9 Dec 2023) imposes 28-day prompt-payment + adjudication regime on federal construction contracts only. Ontario, Alberta, and other provinces have parallel provincial Construction Acts.", "statutory_interest_rate": "No statutory B2B late-payment rate; federal construction has prescribed rate per regulation", "fixed_recovery_costs": "None statutory generally", "prompt_payment_law": "Federal Prompt Payment for Construction Work Act (S.C. 2019, c. 29, s. 387); provincial Construction Acts", "reporting_regime": "None federal for general B2B", "public_sector_default_days": 30, "source_url": "https://laws-lois.justice.gc.ca/eng/acts/P-25.6/", "source_name": "Justice Laws Website (Government of Canada)", "last_verified": "2026-05-27", "notes": "Canada's prompt-payment statutes are construction-sector only. General B2B is governed by contract and common law." }, { "country_code": "AU", "country_name": "Australia", "typical_b2b_term": "Net 30", "statutory_default_days": null, "statutory_max_b2b_days": null, "statutory_max_caveat": "No general statutory cap on B2B payment terms. Payment Times Reporting Act 2020 imposes disclosure obligations on large businesses (annual revenue over AUD 100m) regarding payment to small-business suppliers. 2024 amendments introduced a 'slowest payer' regulatory regime.", "statutory_interest_rate": "No federal B2B default. Courts apply pre/post-judgment rates per court rules (typically RBA cash rate + 6%).", "fixed_recovery_costs": "None statutory generally", "prompt_payment_law": "Payment Times Reporting Act 2020 (reporting only). Building and Construction Industry Security of Payment Acts (state-by-state).", "reporting_regime": "Payment Times Reporting Regulator publishes biannual reports; persistent slow payers can be designated", "public_sector_default_days": 30, "source_url": "https://www.legislation.gov.au/Details/C2020A00091", "source_name": "Federal Register of Legislation", "last_verified": "2026-05-27", "notes": "Australia's regime is reporting-and-shaming, not capping. Commonwealth supplier policy targets 5 days e-invoice / 20 days otherwise for SME suppliers." }, { "country_code": "NZ", "country_name": "New Zealand", "typical_b2b_term": "Net 20 (end-of-month-following common) to Net 30", "statutory_default_days": null, "statutory_max_b2b_days": null, "statutory_max_caveat": "No general statutory cap on B2B payment terms. Construction Contracts Act 2002 sets default 20-working-day payment regime for construction. Business Payment Practices Act 2023 introduced disclosure obligations but was repealed by the 2024 Repeal Act.", "statutory_interest_rate": "Interest on Money Claims Act 2016 sets court-awarded interest at RBNZ official cash rate + premium", "fixed_recovery_costs": "None statutory generally", "prompt_payment_law": "Construction Contracts Act 2002 (construction only); general B2B governed by contract and common law", "reporting_regime": "Previously under Business Payment Practices Act 2023; repealed effective 2024", "public_sector_default_days": 10, "source_url": "https://www.legislation.govt.nz/act/public/2002/0046/latest/DLM163059.html", "source_name": "New Zealand Legislation", "last_verified": "2026-05-27", "notes": "Government Procurement Rules target 5 working days for invoice processing, 10 working days for payment of compliant invoices." }, { "country_code": "JP", "country_name": "Japan", "typical_b2b_term": "Net 30 to Net 60 (often 'end of month closing + 60 days')", "statutory_default_days": 60, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Subcontract Act: when a large prime contractor procures from a smaller subcontractor as defined by capital thresholds, payment MUST be made within 60 days of delivery. Outside this prime-to-subcontractor scope, no statutory cap.", "statutory_interest_rate": "Subcontract Act prescribes 14.6% per annum for late payment to qualifying subcontractors; otherwise Civil Code default 3% (adjusted every three years).", "fixed_recovery_costs": "None statutory", "prompt_payment_law": "Act against Delay in Payment of Subcontract Proceeds, Etc. to Subcontractors (Act No. 120 of 1956)", "reporting_regime": "JFTC publishes annual enforcement actions", "public_sector_default_days": 30, "source_url": "https://www.japaneselawtranslation.go.jp/en/laws/view/2510", "source_name": "Japanese Law Translation (Ministry of Justice)", "last_verified": "2026-05-27", "notes": "Japan's regime applies only within the Subcontract Act's capital-threshold definitions. End-of-month closing conventions effectively extend real-world terms." }, { "country_code": "SG", "country_name": "Singapore", "typical_b2b_term": "Net 30", "statutory_default_days": null, "statutory_max_b2b_days": null, "statutory_max_caveat": "No general statutory cap on B2B payment terms. Building and Construction Industry Security of Payment Act (SOPA) sets a regulated payment-and-adjudication regime for construction only.", "statutory_interest_rate": "Civil Law Act default 5.33% per annum on judgment debts; commercial interest is contractual", "fixed_recovery_costs": "None statutory generally", "prompt_payment_law": "Building and Construction Industry Security of Payment Act 2004 (construction only)", "reporting_regime": "Singapore Prompt Payment Code (voluntary, administered by SBF)", "public_sector_default_days": 30, "source_url": "https://sso.agc.gov.sg/Act/BCISPA2004", "source_name": "Singapore Statutes Online", "last_verified": "2026-05-27", "notes": "Government as a buyer pays e-invoices within 14 days under MOF policy." }, { "country_code": "IN", "country_name": "India", "typical_b2b_term": "Net 30 to Net 60 (often longer in practice)", "statutory_default_days": 45, "statutory_max_b2b_days": 45, "statutory_max_caveat": "MSMED Act 2006 §15-16: where the supplier is a registered Micro or Small Enterprise (MSE), buyer must pay within the date agreed or, failing agreement, within 15 days, and IN NO CASE beyond 45 days. Section 43B(h) of the Income Tax Act disallows the buyer's tax deduction on amounts owed to MSEs beyond this 45-day cap.", "statutory_interest_rate": "Compound interest with monthly rests at three times the RBI bank rate", "fixed_recovery_costs": "None statutory; MSE Facilitation Council adjudicates disputes", "prompt_payment_law": "Micro, Small and Medium Enterprises Development Act 2006, §15-24", "reporting_regime": "Companies must disclose dues to MSEs in annual financial statements; MSME Form-1 half-yearly filing", "public_sector_default_days": 45, "source_url": "https://msme.gov.in/sites/default/files/MSMED2006act.pdf", "source_name": "Ministry of Micro, Small and Medium Enterprises", "last_verified": "2026-05-27", "notes": "Section 43B(h) of the Income Tax Act made the MSE 45-day cap economically binding from FY2023-24 onward by linking tax deductibility to timely payment." }, { "country_code": "AE", "country_name": "United Arab Emirates", "typical_b2b_term": "Net 30 to Net 90 (60 commonly observed)", "statutory_default_days": null, "statutory_max_b2b_days": null, "statutory_max_caveat": "Federal Decree-Law 50/2022 (Commercial Transactions Law, in force 2 Jan 2023) provides a general framework but no specific B2B payment cap. Public-sector procurement is governed by Cabinet Resolution 4/2019; federal authorities target 30 days.", "statutory_interest_rate": "Article 76 of the Commercial Transactions Law: rate prescribed by central bank if not contractually agreed; courts commonly apply 9%", "fixed_recovery_costs": "None statutory", "prompt_payment_law": "Federal Decree-Law No. 50 of 2022 promulgating the Commercial Transactions Law", "reporting_regime": "None", "public_sector_default_days": 30, "source_url": "https://uaelegislation.gov.ae/en/legislations/1531", "source_name": "UAE Legislation (Ministry of Justice)", "last_verified": "2026-05-27", "notes": "Free-zone contracts may opt into DIFC or ADGM common-law systems; those forums apply contractual terms strictly." }, { "country_code": "ZA", "country_name": "South Africa", "typical_b2b_term": "Net 30", "statutory_default_days": null, "statutory_max_b2b_days": null, "statutory_max_caveat": "No general statutory cap on B2B payment terms. PFMA Treasury Regulation 8.2.3 requires government to pay valid invoices within 30 days.", "statutory_interest_rate": "Prescribed Rate of Interest Act 55/1975: repo rate + 3.5 percentage points (set by Ministerial notice)", "fixed_recovery_costs": "None statutory", "prompt_payment_law": "Prescribed Rate of Interest Act 55/1975 (interest only); no general prompt-payment statute for private B2B", "reporting_regime": "Public sector tracked under PFMA; National Treasury publishes departmental compliance", "public_sector_default_days": 30, "source_url": "https://www.gov.za/documents/prescribed-rate-interest-act", "source_name": "Government of South Africa", "last_verified": "2026-05-27", "notes": null }, { "country_code": "MX", "country_name": "Mexico", "typical_b2b_term": "Net 30 to Net 60", "statutory_default_days": null, "statutory_max_b2b_days": 60, "statutory_max_caveat": "Law for the Development of Competitiveness of Micro, Small and Medium-Sized Enterprises (LDCMPYME), as amended in 2023, requires large enterprises to pay SME suppliers within 60 calendar days, scaling to 30 days by 2027 under transitional provisions.", "statutory_interest_rate": "Commercial Code art. 362: 6% per annum default unless contract specifies otherwise", "fixed_recovery_costs": "None statutory", "prompt_payment_law": "Ley para el Desarrollo de la Competitividad de la MIPYME, art. 7-bis (2023 amendment); Código de Comercio for general B2B", "reporting_regime": "Public reporting under development by Secretaría de Economía", "public_sector_default_days": 20, "source_url": "https://www.diputados.gob.mx/LeyesBiblio/ref/ldcmpyme.htm", "source_name": "Cámara de Diputados", "last_verified": "2026-05-27", "notes": "Mexico's 2023 reform aligns it loosely with the EU model for SME suppliers only." }, { "country_code": "BR", "country_name": "Brazil", "typical_b2b_term": "Net 30 (boleto-based; '30/60/90' staged terms common)", "statutory_default_days": null, "statutory_max_b2b_days": null, "statutory_max_caveat": "No statutory cap on B2B payment terms. Civil Code art. 397 governs default on a fixed-date obligation.", "statutory_interest_rate": "Civil Code art. 406: SELIC rate as default (post-STJ rulings); contractual rates capped by Lei da Usura outside financial institutions at 12% per annum", "fixed_recovery_costs": "None statutory", "prompt_payment_law": "Civil Code (Law 10.406/2002) governs default; no specific prompt-payment statute", "reporting_regime": "None", "public_sector_default_days": 30, "source_url": "https://www.planalto.gov.br/ccivil_03/leis/2002/l10406compilada.htm", "source_name": "Planalto", "last_verified": "2026-05-27", "notes": "Staged boleto installments ('30/60/90 dias') are a strong cultural convention rather than a statutory regime." }, { "country_code": "IL", "country_name": "Israel", "typical_b2b_term": "Net 30 (Shotef+30 common)", "statutory_default_days": 45, "statutory_max_b2b_days": 45, "statutory_max_caveat": "Law for Punctual Payment of Invoices 5777-2017 (as amended 2022): B2B payment must be made within 45 days of receipt of invoice (was 60 until 2022 amendment); public sector within 30 days. Hard cap with no opt-out for most transactions.", "statutory_interest_rate": "Bank of Israel base rate + 4 percentage points, applied as compound interest", "fixed_recovery_costs": "None statutory beyond interest", "prompt_payment_law": "Law for Punctual Payment of Invoices 5777-2017, as amended in 2022", "reporting_regime": "Ministry of Finance publishes public-sector payment performance", "public_sector_default_days": 30, "source_url": "https://www.nevo.co.il/", "source_name": "Nevo (Israeli legal database)", "last_verified": "2026-05-27", "notes": "Israel's 2022 tightening from 60 to 45 days is a meaningful reform." } ] }