Interest rates for late payments in commercial transactions

For the second half of 2014 the interest rate remains unchanged for late payments in commercial transactions, for both contracts concluded prior to 16 March 2013 and contracts concluded, renewed or extended as of 16 March 2013.   The distinction derives from the amendment of the Act of 2 August 2002, which raised the increase over the reference interest rate from seven to eight percentage points, with entry into force on 16 March 2013. However, this distinction will lapse effective 16 March 2015: for contracts that were concluded prior to 16 March 2013, the changes made to the Act of 2 August 2002 will apply to payments in execution of ongoing contracts for two years counting from 16 March 2013.   Overview of contracts concluded prior to 16 March 2013:   2014/2 : 7.5 % 2014/1 : 7.5 % 2013/2 : 7.5% 2012/1 - 2013/1: 8 % 2011/2 : 8.5 % 2009/2 - 2011/1 : 8 % 2009/1 : 9.5 % 2007/2 - 2008/2 : 11.5 % 2007/1 : 11 % 2006/2 : 10 % 2003/2 - 2006/1 : 9.5 % 2003/1 : 10 % 2002/2 : 10.5%   Overview of contracts concluded, renewed or extended as of 16 March 2013:   2014/2 : 8.5 % 2014/1 : 8.5 % 2013/2 : 8.5 % 2013/1 : 9 %   (Communication of the FPS Finance in implementation of art. 5, second paragraph, Act of 2 August 2002 on combating late payments in commercial transactions, amended by the Act of 22 November 2013, Belgian Official Journal of 5 September 2014)