A decree has been issued in order to implement a directive of the European Council regarding the fight against late payments in commercial transactions. The Decree refers to specific, liquid and enforceable debts representing payment obligations arising from commercial contracts according to the definition given in the decree. The decree does not apply to debts registered in the creditors’ list in the insolvency procedure and to contracts concluded between traders and consumers.
The Decree provides for the way to establish the interests for delay and for annulling any contrary provisions. The parties are free to set the interest rate by contract. Besides this interest, the creditor may claim damages for any expenses incurred from the recovery of sums due by the debtor.
VAT. The High Court of Justice has issued a decision stating that in the event the relevant justifying documents contain incomplete, inaccurate or misrepresented information for transactions initiated as of 1 June 2002 there is a risk of the VAT not being deducted and the taxable profit not being decreased,. This decision is applicable to all law courts as of  30 October 2007.
The Minister of Economy and Finance has issued an order regarding the reimbursement of VAT to natural persons residing outside the EU. In order to be able to benefit from the VAT refund, these persons have to fulfil the following conditions:  the goods have to be transported outside the EU within three months of their acquisition; the value of the goods purchased from a single shop must exceed EUR 175 (including VAT) and the goods must be purchased only from shops authorised to sell goods “tax free”.
The beneficiaries must prove that the goods left the EU. VAT is reimbursed by authorised shops or specialised units, based on the invoice for the goods and on the “Document for VAT reimbursement to buyers not residing in the EU” form. Both documents are stamped by the customs office where the goods leave the EU. “Tax free” authorisations issued to stores under the former legislation remain valid until their expiry date.