The European Communities (Late Payment in Commercial Transactions) Regulations 2012 provide that interest shall be payable in respect of a late payment.
The Regulations, which apply equally to the public and private sector, provide an entitlement to interest if payment, in respect of a commercial transaction, is late. With effect from 1 July 2023, the late payment interest rate is 12% per annum. The late payment interest rate varies and this rate does not apply for the entirety of the period to which this response relates.
The Regulations also provide that where late payment interest falls due in respect of a payment, in addition to this amount, the supplier is also automatically entitled to 'compensation for recovery costs'. The compensation for recovery costs is set as follows - €40 if late invoice is of a value of less than €1,000, €70 if late invoice is of value between €1,000 and €10,000 and €100 if late invoice is of a value of over €10,000.
Year
|
Total PI and Compensation Applied
|
2023
|
€534.17
|
2022
|
€3,822.90
|
2021
|
€1,167.31
|
2020
|
€221.64
|
2019
|
€387.26
|
2018
|
€1,450.20
|
2017
|
€1,924.55
|
2016
|
€2,399.95
|
Top 5
Year
|
Supplier
|
Penalty Interest and Compensation Amount
|
2023
|
Institute of Public Administration
|
€186.90
|
|
Proplyon
|
€104.70
|
|
MMI Fibre Packaging LTD
|
€78.73
|
|
Munchie Box
|
€42.35
|
|
Club Travel
|
€40.66
|
|
|
|
2022
|
Behaviour & Attitudes
|
€1,132.95
|
|
AllPro Security Sevices Ltd
|
€258.83
|
|
OECD Paris
|
€102.74
|
|
CCI Media Europe
|
€75.75
|
|
Bryan S Ryan Ltd
|
€73.23
|
|
|
|
|
|
|
2021
|
Mazars
|
€290.32
|
|
EDI Factory t/a Celtrino
|
€162.87
|
|
Mazars
|
€107.06
|
|
Premier Signs
|
€79.68
|
|
Storage Systems
|
€70.97
|
|
|
|
2020
|
Craigmore
|
€98.27
|
|
Paul Martin Communications
|
€41.52
|
|
Essentra Packaging Ireland Ltd
|
€41.01
|
|
James Boylan Safety
|
€40.84
|
|
|
|
2019
|
Accent Facilities Ltd
|
€68.98
|
|
Accent Facilities Ltd
|
€64.84
|
|
James Boylan Safety
|
€46.29
|
|
IACT
|
€46.09
|
|
Ely Wine Bar
|
€40.89
|
|
|
|
2018
|
Essentra Packaging Ireland Ltd
|
€82.08
|
|
Europus
|
€72.37
|
|
Christopher Mee & Associates Ltd t/a CMSE
|
€72.03
|
|
Bunzl Cleaning & Safety Supplies
|
€70.91
|
|
Bunzl Cleaning & Safety Supplies
|
€70.91
|
|
|
|
2017
|
Essentra Packaging Ireland Ltd
|
€87.67
|
|
Essentra Packaging Ireland
|
€81.07
|
|
Innovation Value Institute Services
|
€76.14
|
|
The Alex
|
€74.68
|
|
Christopher Mee & Associates Ltd t/a CMSE
|
€73.93
|
|
|
|
2016
|
Eir
|
€87.96
|
|
Xerox
|
€83.48
|
|
Cenad
|
€77.54
|
|
Evros
|
€77.23
|
|
Three Ireland
|
€76.67
|