The law on late payment interest in commercial transactions is strengthened - Approximation with the EU, aiming for financial discipline in the economy
The government has undertaken a new legal initiative that aims to improve the regulatory framework for late payments in commercial transactions, fully aligning it with European Union standards.
The draft law of the Ministry of Economy and Innovation comes within the framework of the European integration process and harmonization with the EU directive, which aims to combat late payment practices between businesses and public authorities.
The legal amendments affect several key elements of the existing law, starting from the basic definitions. The concept of "entrepreneurship" is expanded, including not only commercial companies, but also natural persons and liberal professions, with the aim of a more comprehensive treatment of commercial relations.
Likewise, interest rates are reviewed and the method of calculating late payment interest is specified, clearly defining the cases when it arises automatically in accordance with legal deadlines.
One of the most important changes is related to payment deadlines, where it is foreseen that they will not exceed 30 to 60 calendar days, while approval procedures for goods or services are limited to 30 days.
In case of delay, late payment interest will be automatically applied, aiming for greater financial discipline and protection of the liquidity of businesses, especially small and medium-sized enterprises, which are more exposed to cash flow problems.
The draft law also brings changes in the judicial procedural aspect, providing that courts issue execution orders within 90 days for unpaid invoices, in cases where the debt is not contested.
According to the accompanying report, these changes aim not only to improve the business climate in the country, but also to advance Albania in the European integration process.
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