CHAPTER 7

CONTRIBUTIONS AND REIMBURSEMENTS

Interest on late payment
Article 31
1
If a State does not fulfil its financial obligations, the Union rules on interest on late payment determined by Article 78 of Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council or any other Regulation which may replace it in relation to the payment of contributions to the Union budget shall be applicable by analogy.
2
When payment is late by no more than 20 days, no interest shall be charged. When payment is late by more than 20 days, interests shall be charged for the entire delay.
Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002 (OJ L 298, 26.10.2012, p. 1).