Late Payment Interest — Rate and calculation for overdue payment
Late payment interest is a legal penalty for delayed payment of a monetary obligation. Automatically calculated from the day after the payment deadline until the day of payment.
Definition
Late payment interest is a legal penalty for delayed payment of a monetary obligation. Automatically calculated from the day after the payment deadline until the day of payment.
Details
Legal rate: NBRSM reference rate + 8 pp for B2B (currently ~10-11% annually). For consumers: + 5 pp. Calculated daily (annual / 365 × days overdue). The right to late interest is statutory — not contract-dependent.
Example
Invoice for 100,000 MKD due 01.03, paid 01.04 (31 days overdue). Late interest: 100,000 × 10.5% / 365 × 31 = ~893 MKD.