30 days (or pay) Policy Workshop : Building a EU prompt payment culture in commercial transactions
14 November 2023 15:30-16:30 (CET) Bilbao
EVERY SECOND at least 500 invoices are issued in the EU – half of them are paid late.
Late payments affect every sector and every EU Member State, disproportionately impacting SMEs. Each year across Europe, thousands of SMEs go bankrupt waiting to be paid, with jobs being lost. As a result, the whole EU Competitiveness is at stake.
On 12 September 2023, the Commission put forward a proposal for a Regulation that, once approved by the European Parliament and the Council, will replace the current “Late Payment Directive”. With this proposal, the EU is stepping up its fight against late payments in commercial transactions, for the benefit of SMEs and the overall economy.
During the session the first Annual Report of the EU Payment Observatory will be presented, together with information on its functioning and the ongoing work.
The session will focus on three key issues for the successful implementation of the new rules and, ultimately, for a progressive shift towards a culture of prompt payment: 1) how data can support effective monitoring and enforcement, 2) the role of business organisations , 3) the challenges and needs for some specific sectors: wholesale & retail and construction.
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This document has been prepared for the European Innovation Council and SMEs Executive Agency (EISMEA). However, the information and views set out in this document are those of
the authors and do not necessarily reflect the official opinion of EISMEA or the European Commission. Neither EISMEA, nor the European Union institutions and bodies or any
person or organisation acting on their behalf may be held responsible for the use which might be made of the information contained therein.