Penalty Interest Law and The Law on Payment Deadlines | KPMG | RS

Penalty Interest Law and The Law on Payment Deadlines

Penalty Interest Law and The Law on Payment Deadlines

The Penalty Interest Law and the Law on Deadlines for Settlement of Cash Liabilities from Commercial Transactions have been adopted

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Penalty Interest Law

On 15 December 2012 the Serbian Parliament adopted the Penalty Interest Law.

The Penalty Interest Law went into force on 25 December 2012.

Penalty interest payment obligation

A debtor overdue with payment of cash liabilities owes penalty interest assessed on the amount of outstanding debt. Penalty interest is assessed from the due date until settlement date at the rate prescribed by the Penalty Interest Law.

Penalty interest rate on outstanding debt denominated in dinars (RSD)

The penalty interest rate on the amount of outstanding debt denominated in RSD is assessed annually by applying key policy rate of the National Bank of Serbia’s (11.25% as at 11 January 2013) increased for eight percentage points (19.25% as at 11 January 2013).

Currently valid key policy rate of the National Bank of Serbia may be obtained on the web page www.nbs.rs

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