Paying suppliers up to 30 days will now be a legal requirement for all companies in Europe. This is the implementation on Tuesday 12 March 2013 by the European Commission of a decision approved since the end of 2010 by the European Parliament. By March 16, 2013, the 27 European countries must have introduced legislation obliging businesses to reduce their payment deadlines.
300 billion euros
From 16 March 2013, in all EU Member States, the maximum payment period for goods and services will be capped at 30 days. If both contractors (supplier and client company) agree , this may be up to 60 days.
In the case where the debtor is an administration or public company, the period of 60 days must be motivated. These new measures will be optional for private companies but will be mandatory for administrations, reminds the Commission.
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