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Fees for first reminder of unpaid bills to be banned
A new law entering force on 1 September will ban businesses in Belgium from charging other businesses - or individuals - a penalty on unpaid bills on the first reminder.
Under the new rules, extra charges can only be incurred from the second reminder, which cannot be sent until two weeks after the first reminder of an unpaid invoice.
The fees for late payment charged from the second reminder onwards will also be capped: €20 euros if the unpaid bill is less than €150, €30 plus 10% of the amount if the amount owed is between €150 and €500 euros, and €65 euros plus 5% of the amount for invoices over €500.
Companies that do not comply with this new measure will be liable for financial penalties.