ITFA Late Payment Regulation Advocacy Work

Dear ITFA member,
As you are aware, ITFA has been in talks with several stakeholders in the European Parliament and Commission to advise and inform them about the proposed revision of the EU Late Payment Directive (2011/7/EU) (ref. Ares (2023) 219034 of 12th January 2023). On Tuesday, 24.04.24, the European Parliament adopted its report on the revision of the Late Payment Directive with 459 in favour, 96 against and 54 abstentions.
In summary that means the compromise on Art. 3 Payment periods was adopted with an additional paragraph 4(a) which urges Member States to introduce rules to improve public authorities’ payment practices. That means that the EP would set payment periods of all commercial transactions at 30 days (or 60 if expressly agreed by both parties). The only foreseen derogation would be for ‘slow moving’ and ‘seasonal’ goods where the payment period can be extended to 120 calendar days. Another new element was to exclude transactions made in relation to book production and sales from the scope of the Regulation.
Please find a detailed summary hereafter:

Payment period:

Interest for late payment:




The Regulation shall apply 18 months after its entry into force and after 30 months when micro-undertakings are the debtor.
This report is the European Parliament’s negotiating position vis-à-vis the Council in trilogues. The trilogues would be expected to start towards the end of 2024, when the new European Parliament takes office after the election and the Council has agreed on its General Approach on this file.
ITFA will now focus its advocacy efforts on discussions on the members of the Council, mainly to present its core concerns with this Regulation:

The European Parliament adopted to a large extent the report of the Internal Market Consumer Protection Committee (IMCO). IMCO report is available here and the text the European Parliament adopted yesterday, is available here.
The ITFA Board will be available to take comments and contributions from its members on this topic.

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