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New legal payment deadline for large companies

Blog  — Wed 22 Jun 2022

As of July 1, 2022, a new maximum payment period will apply to large companies.

Most companies apply a payment term of 14 or 30 days for invoices. Nevertheless, larger companies regularly paid late - 60 days was no exception. And that was allowed, legally. This can of course have a disruptive effect on the cash flow of SMEs.

For large companies, this is therefore going to change. As of July 1, 2022, the statutory maximum payment terms for large companies will be adjusted towards smaller companies. The situation from 1 July 2022 can be summarized as follows:

Legal payment term in days Individuals Company Government Large enterprise
No payment term agreed No law 30 30 30
Maximum payment term No law 60 30 30 (60 before July 1, 2022)
Maximum payment term by legal exception No law 60+ 60 Not possible1
Minimum payment term2 14 14 14 14

1 It is not permitted to invoke a legal exception for a longer payment period. A longer payment term is then void (invalid).

2 Individuals often pay in advance or directly at the time of purchase. If it is on account, then often 14 days. Legally there is no minimum for payment terms, but it is stated that it must be reasonable. 14 days is therefore seen as a minimum in all situations.

Do you have a large company, or do you do business with large companies? If so, delve into this new legislation so that you are ready for it as of July 1, 2022.