Statutory interest is the percentage used to calculate the additional amount that has to be paid by a debtor who has not paid his/her creditor on time.
Statutory interest in civil cases (between individuals or between an individual and a trader) is calculated by adding 2 % to the 12- month EURIBOR rate (Euro Interbank Offered Rate).
Commercial transactions (i.e. transactions between traders and/or undertakings) are governed by the Law of 2 August 2002 on combating late payments in commercial transactions (Wet van 2/08/2002 betreffende de bestrijding van de betalingsachterstand bij handelstransacties). That interest rate is applied unless the parties to the transaction have agreed otherwise (contractual interest).
The six-monthly adjustment of the interest rate for commercial transactions is announced in the Belgian Official Gazette (website Belgisch staatsblad - Moniteur belge: http://www.ejustice.just.fgov.be/)
Further information can be found on the website of the Federal Public Service for the Economy (http://economie.fgov.be/)
Further information can be found free of charge on the website of the Federal Public Service for the Economy (http://economie.fgov.be/)
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