Enforce a national limit on invoice payment terms of 30 days

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Enforce a national limit on invoice payment terms of 30 days

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Supplier invoices to smaller businesses in particular need to be paid more promptly. Large global organisations with healthy balance sheets and cash reserves are increasingly imposing 60 days or more payment terms on their smaller suppliers. This means in some cases a supplier does not receive payment for several months after a service or product has been supplied and this has a catastrophic effect on the smaller businesses cash flow. It should become a national standard that all organisations must fix payment terms at a maximum of 30 days or alternatively face financial or legal penalties.

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