New provisions on statutory interests due for late payment and payable on capital in legal transactions

The Act of 9 October 2015 amending the Act on payment deadlines in commercial transactions, the Civil Code and certain other acts (text in: Dziennik Ustaw) comes into force today. It is supplementary to the implementation of the Directive 2011/7/EU of the European Parliament and of the Council of 16 February 2011 on combating late payment in commercial transactions (text in: EUR-Lex). The purpose of the Act is to uniform and, at the same time, simplify the system of charging capital interest and late payment interest in all dealings under civil law.

The new law provides for a single charging mechanism in relation to such interest, both in professional transactions and non-professional ones as well as in consumer transactions. To calculate the capital interest and late payment interest the reference rates as determined by the National Bank of Poland (see: current interest rates published by the NBP) shall be applied.


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