The European Commission is conducting a public consultation in preparation for the revision of the Late Payment Directive (Directive 2011/7/EU). The directive lays down obligations concerning payment terms in commercial transactions between businesses (B2B) or between public authorities and businesses (G2B).

EU rules on late payments have triggered a reduction in payment delays. However, more than 60% of EU businesses are still not paid on time, and small and medium-sized companies (SMEs) are most affected.

The initiative is aimed at helping SMEs by revising existing EU payment rules based on available and upcoming evidence to promote a definitive shift towards a culture of ‘prompt payment’.

The public consultation is open until 17 March and is available at Late payments – update of EU rules (europa.eu)
DETE provides current late payments information on its webpage Late Payments - DETE (enterprise.gov.ie) and any specific questions on this information can be sent to promptpayment@enterprise.gov.ie

Businesses can sign up to the Prompt Payments Code Prompt Payment Code - DETE (enterprise.gov.ie) an initiative developed by business for business, with the aim of improving cashflow between business and moving towards a culture of providing “payment certainty”.