Flemish government pays faster, saves on penalty interest
Both the government and local business are benefiting from new methods of getting invoices paid on time
Various factors were involved, Tommelein explained, including “strict adherence to verification and payment terms, improved digitalisation and the unification of financial procedures within the Flemish administration”.
The results are good, he said, but not good enough. “We recently decided that government contracts worth more than €8,500 would require an electronic invoice,” he said. “That’s one of the measures by which we hope to further reduce penalty interest.”
Wiping out such interest entirely is impossible, he admitted. In many cases, delays in payment result from an invoice being contested, which is part of due diligence in the verification procedure.