On November 28, 2006, the Official Gazette El Peruano published Law No. 31362, approving the MSE Invoice Payment Law within thirty days, which covers the following:
1. Law’s purpose
The rule regulates the timely payment of commercial invoices or receipts for fees issued to private and public sector companies to boost the dynamism of the economy through the timely provision of liquidity (working capital) to micro and small enterprises (MSEs).
2. Issuance of invoices and receipts for fees
Upon approval of the conformity of the goods delivered or service rendered, the supplier issues the corresponding invoice or receipt for fees.
The private company or public entity acquiring the good or service has a term of eight (8) calendar days from receipt thereof to approve under the provisions of the purchase order, contract, terms of reference, or other document accrediting the acquisition. The conformity of the good or service delivered must be evidenced in writing by the corresponding charge.
3. What is the deadline to cancel invoices?
The payment of the total amount of the invoices or receipts for fees issued by the supplier of a good or service must be effectively canceled within a maximum term of up to thirty (30) calendar days from issue unless otherwise agreed.
4. Default interest
If payment of the invoice or receipt for fees is not made within the term, the creditor will incur in default, accruing from the day following the due date until the date of payment.
The default interest rate will be calculated according to BCRP (Banco Central de Reserva del Perú – Central Reserve Bank of Peru). The corresponding procedures will be established under these regulations.
5. Adaptation term to pay invoices or receipts for honorary fees
Payment of the number of invoices or receipts for fees may be made for a period of one hundred and eighty (180) calendar days, in the case of private companies, within a maximum period of sixty (60) calendar days.
6. Effectiveness
The application of the norm will apply with the regulatory and complementary norms, released in a maximum period of ninety (90) days, starting on November 29, 2021.
Source: El Peruano 29/11/2