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Calculate the statutory interest you are owed on an overdue invoice under the EU Late Payment Directive.
Statutory interest = base rate + 8 percentage points. Adjust if the current rate has changed.
Yes. Under the EU Late Payment Directive (2011/7/EU), implemented in Ireland via the European Communities (Late Payment in Commercial Transactions) Regulations 2012, businesses can charge statutory interest on overdue commercial invoices. The rate is the ECB reference rate plus 8 percentage points.
The rate is the ECB main refinancing operations rate plus 8 percentage points. The ECB reference rate changes periodically — check the European Central Bank website for the current rate. The total statutory rate is usually between 11% and 14%.
Statutory late payment interest applies to commercial (B2B) transactions. It does not automatically apply to consumer invoices. You can include late payment interest terms in your contract to strengthen your position.
You do not need prior agreement to charge statutory interest — it is a legal right. However, it is good practice to include payment terms on your invoices and to mention the interest entitlement in your final payment reminder.