30 Day Payment Law
Legal Updates | January 9, 2019
On January 3, 2019, the President of Chile promulgated the 30-Day Payment Act (here in after the “Law”), which amends Law No. 19.983 on transfer and executive merit to a copy of the bill, Decree Law No. 825 on tax on sales and services, and law No. 20.169 on unfair competition.
The Law mainly establishes: (i) the obligation to pay the invoices within the maximum term of 30 calendar days, counted from its reception; (ii) the accrual of current interest in the event that the debtor does not pay within the indicated term; (iii) the payment of a commission, in addition to the interest, for the debtor in default; (iv) the invariability of the amount of the accepted and assigned invoices; (v) the obligation to issue electronic dispatch guides; (vi) a new conduct as an act of unfair competition and (vii) rules to regulate its phased entry into force of some of its rules.
For more information we invite you to review a report HERE