On 5 September 2014, a notice was published in the Official Gazette regarding the legal interest rate for late payment in commercial transactions.
1. For the 2nd half of 2014, the interest rate applicable for late payment in commercial transactions is:
- 7,5% for contracts concluded before 16 March 2013, or
- 8,5% for contracts concluded, renewed or extended on or after 16 March 2013.
This specific intrest rate is provided for transactions between companies or between companies and public authorities by the law of 2 August 2002 on combating late payment in commercial transactions, amended by the law of 22 November 2013, in order to implement European Directive 2011/7/EU. Read more about it in an other article on our website: "The law on combating late payments in commercial transactions has been amended".
The table below gives an overview of the interest rates applicable since 2002:
Period
Contracts concluded before 16/03/2013 (and not renewed or extended after 16/03/2013
Contracts concluded, renewed or extended after 16/03/2013
Second half of 2002
10,50 %
First half of 2003
10,00 %
Second half of 2003
9,50 %
First half of 2004
9,50 %
Second half of 2004
9,50 %
First half of 2005
9,50 %
Second half of 2005
9,50 %
First half of 2006
9,50 %
Second half of 2006
10,00 %
First half of 2007
11,00 %
Second half of 2007
11,50 %
First half of 2008
11,50 %
Second half of 2008
11,50 %
First half of 2009
9,50 %
Second half of 2009
8,00 %
First half of 2010
8,00 %
Second half of 2010
8,00 %
First half of 2011
8,00 %
Second half of 2011
8,50 %
First half of 2012
8,00 %
Second half of 2012
8,00 %
First half of 2013
8,00 %
9,00 % (1)
Second half of 2013
7,50 %
8,50 % (1)
First half of 2014
7,50 %
8,50 % (1)
Second half of 2014
7,50 %
8,50 % (1)
(1) Given the fact that the Act of 22 November 2013 is retroactive as from 13 March 2013, a new double interest rate had to be determined for 2013. A double interest rate has also to be determined for 2014 and the 1st half of 2015. As from the 2nd half of 2015, a single interest rate will be applied.
2. We inform you also that the legal interest rate for 2014 is 2,75%.
This has been published in the Belgian Official Gazette on 20 Januari 2014.
This interest rate is applicable in civil matters, but also in those commercial transactions (e.g. a transaction between a professional and a non-professional), that are outside the scope of the Act of 22 August 2002 (see above).
The table below gives an overview of the interest rates applicable since 1 July 1970:
Period
Legal interest rate
From 1/7/1970
6,5%
From 1/11/1974
8%
From 1/8/1981
12%
From 1/8/1985
10%
From 1/8/1986
8%
From 1/9/1996
7%
From 1/1/2007 until 31/12/2007
6%
From 1/1/2008 until 31/12/2008
7%
