Extension of Reporting Requirements for Late Payments – Minister Mitchell O’Connor
“It is important that we change the culture around late payments” Minister Mitchell O’Connor urges business
Following the launch of the Prompt Payment Campaign in February 2017, the Government has reaffirmed its support for the 15 day prompt payment commitment for Government Department and Public Bodies to ensure that their suppliers are paid on time.
Minister Mitchell O’Connor, who today brought a memo to government which will extend the Late Payment reporting requirements for Government Departments and Public Bodies to include the levels of late payment Interest and compensation cost incurred said: “It is important that we change the culture around late payments. My Department has been working with the business representative bodies – ISME, SFA, Chambers Ireland and IBEC - to increase awareness of the importance of paying suppliers on time. My colleague, Minister Pat Breen, recently launched the Prompt Payment Campaign to encourage businesses to sign up to the Prompt Payment Code. Cash flow certainty for companies and, in particular, for SMEs, is critical. It can mean the difference between solvency and bankruptcy. Few things can threaten the survival of a small business more than late payment. It can affect its ability to pay bills, salaries and other operating expenses. I welcome the support of my Cabinet Colleagues in confirming their commitment today to prompt payments and would urge all businesses to sign up to the Prompt Payment Code”.
Note for Editors
Prompt Payment Code Portal: https://promptpayment.ie/