Statutory interest

Late payment - small & medium-sized enterprises - tax.

Statutory interest is interest imposed and calculated in accordance with a written law (statute).

Its purposes are generally to discourage late payments, or to compensate in cases of late payments that have occurred.

Examples include late commercial payments, and late payments of tax to a tax authority.

See also

• Chartered Institute of Credit Management
• Credit
• European Union (EU)
• Interest
• Late Payment Directive
• Payment practices reporting
• Prompt Payment Code
• Small and Medium-sized Enterprises
• Statute
• Statutory
• Tax