Default Interest in Payment Transactions

As a result of the implementation of the EEA Directive 2011/7/EU on combating late payment in commercial transactions, the Government issued the Ordinance on Statutory Default Interest in Commercial Transactions (Commercial Transactions Default Interest Ordinance; GVZV), LGBl. 2014 No. 105, on April 15, 2014.

The aforementioned EEA Directive and the decrees issued within the scope of its implementation apply only to monetary claims in business transactions concerning the supply of goods or the provision of services between companies and between companies and public bodies.

The aim of the said Directive is to combat late payment in commercial transactions and to bring about a radical change towards a "culture of prompt payment".

The Office of National Economy is mandated to publish, as of the first calendar day of each half-year, the statutory interest rate applicable to that half-year in the case of late payment in commercial transactions in the Official Gazette and on the Office's website.

The statutory interest rate applicable to late payment in commercial transactions for the current six-month period is: 9.5 percentage points (%) until June 30, 2023.