New interest rates for late payments in commercial transactions

For the second half of the year 2013, the interest rate for late payment in commercial transactions changed both for agreements concluded before 16 March 2013 and for agreements concluded, renewed or prolonged as of 16 March 2013. It remains the same for the first half of 2014.   Overview of agreements concluded before 16 March 2013:   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 agreements concluded, renewed or prolonged as of 16 March 2013 :   2014/1 :8.5 % 2013/2 :8.5 % 2013/1 :9 %   The distinction derives from the amendment of the Act of 2 August 2002, which raised the increase of the reference interest rate from seven to eight percentage points, with entry into force on 16 March 2013.   (Informational memorandum of 21 January 2014 communicated by the Financial Markets and Services Department of the F.P.S. Finance, yet to be published in the Belgian Official Journal in implementation of art. 5 of the Act of 2 August 2002 on combating late payment in commercial transactions)