Debtors will pay more for delays in payback, but capital use will be cheaper.
The Ministry of Economy wants changes in calculating interest rates in civil law agreements. This is very important for entrepreneurs, as nearly 70 percent of invoices in relations between professional entities is not paid on time.
The ministry wants the changes to come into force as early as 2016. Amendments will include the bill on payment date in trade transactions and the Civil Code.
The biggest change will be varying the rates for delays and the rates for contractual capital use. The former are to be higher than the rest so as to serve as a sanction for unreliable creditors. Rates will be higher for professionals.
Interested parties urge for a calm reaction. – The amendment is very delicate matter. Every change has consequences both for the debtor and the creditor – remarks Arkadiusz Pączka of Employers of Poland. – We should remember that SMEs, who are most exposed to delayed invoice payment, often play both of these roles – he adds. – Their contractors are often late with their payments, but they themselves do not always pay on time.