The European Commission today launches a public consultation to collect information on 'unfair or late payment practices and payment behavior in commercial transactions'.
The consultation runs in parallel with a call for consideration where interested parties can express their views on the issue, the need for European Union (EU) intervention and the preliminary range of possible options and their expected impacts.
The input from the consultation will form the basis for the forthcoming review of the Late Payments Directive, which will form part of the 'SME support package' announced by President Ursula von der Leyen in her 2022 state of the union address.
The current Late Payments Directive, adopted in 2011, has triggered a reduction in late payments, but over 60% of businesses in the EU are still not paid on time, with Small and Medium-sized Enterprises (SMEs) being the most affected.
The Commission invites all interested parties to participate in the public consultation until March 17th. The Commission intends to publish the revised directive by the summer of this year.
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