Interest Rate in Debt Collection in Poland - Late Payment Interest Rate

Late Payment Interest Rates in Poland

Statutory interest rate for late payment in Poland

Starting from January 1, 2016 Polish statutory interest rate for late payment shall equal the Polish National Bank reference rate plus 5.5 percentage points. Consequently, if the sum of Polish National Bank reference rate does not change, the statutory interest for late payment in Poland shall amount to 7%.

Maximum interest rate for late payment in Poland

Starting January 1, 2016, a new provision setting the limits to the maximum level of interest for late payment shall be introduced into Polish Civil Code. Currently, the maximum rate of interest for late payment amounts to 10%. Starting January 1, 2016, the maximum rate of contractual interest for late payment in Poland cannot exceed twice the level of statutory interest on late payment. Consequently, if the rate of statutory interest for late payment does not change, the maximum interest for late payment shall not exceed 14% per annum.

Statutory interest for late payment in commercial transactions in Poland

Currently, in the commercial transactions the interest for late payment is equal to the amount of interest for tax debts unless the parties had agreed to higher interest. Starting January 1, 2016 the statutory interest for late payment in commercial transactions shall be equal to the sum of the Polish National Bank reference rate plus 8 percentage points, thus 9.5%.

Starting January 1, 2016, the NBP reference rate will become a factor effecting the rate of interest; therefore one needs to closely follow its level to determine what rate of interest is in force on any given day.

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