Prompt Payment Policy
Enterprise Ireland is committed to making every effort to pay its suppliers promptly. In this regard suppliers can help by ensuring that
- correct invoices are sent directly to Accounts Payable
- invoices quote a valid Enterprise Ireland Purchase Order Number
- accurate bank account details are provided
- ensure that their Tax Clearance status with the Irish Revenue Commissioners is up to date.
(In the case of all public sector contracts of a value of €10,000 (inclusive of VAT) or more within any 12-month period, the contractor (and agent or sub-contractor as appropriate) will be required to produce either a valid tax clearance certificate or a C2 certificate. This is a mandatory requirement. Full details on tax clearance procedures may be found on the Revenue Commissioners website)
Prompt Payment of Accounts Legislation
Payment of invoices by Enterprise Ireland is governed by the Prompt Payment of Accounts Act, 1997 as amended by the European Communities (Late Payment in Commercial Transactions) Regulations 2012 - S.I. 580 of 2012. The Regulations, which apply equally to the public and private sectors, provide an automatic entitlement to interest and compensation if payment for commercial transactions is late (valid invoices which are unpaid after 30 days from the date of receipt).
Enterprise Ireland considers an invoice received only when it is received by Accounts Payable, Finance, quoting a valid Enterprise Ireland Purchase Order number. Interest is calculated in respect of the period starting on the date after the due date and ending on the date when payment is made.
Payment of interest cannot be waived by the supplier and must be included with the amount payable for the goods or services without demand for its payment being made by the supplier.
From the 1st July 2010, the late payment interest rate is 8% per annum (that is based on the ECB rate of 1% plus the margin of 7%). That rate equates to a daily rate of 0.022%. Penalty interest due for late payments should be calculated on a daily basis. The ECB rate can be checked on the Central Bank and Financial Services Authority of Ireland website or on the European Central Bank website.
Enterprise Ireland has ten working days to advise suppliers in writing of any queries and/or defects with the invoice that prevent payment being made. Following acceptance by the Enterprise Ireland of the corrected invoice, Enterprise Ireland will endeavor to issue payment within 15 days.
The legislation does not oblige payment to be made to a supplier who has failed or refused to comply with a request to produce a tax clearance certificate and it expressly extends the statutory time limit for payment where there are delays in furnishing a tax clearance certificate. Also the Act does not affect the deduction of withholding tax from any payment to a supplier.
Complaints and Disputes
If you have a complaint or query regarding payment of an invoice, please contact firstname.lastname@example.org or Accounts Payable at
+353 1 7272000
New 15-Day Payment Requirement, July 2011
The Government extended the non-statutory requirement applicable to Central Government Departments to all public bodies from July 2011, to reduce the payment period by Public Bodies to their suppliers from 30 to 15 days. Every effort, consistent with proper financial procedures, is being made to ensure that all suppliers are paid within this timeframe. The links below show Enterprise Ireland's performance with regard to the 15 day payment requirement since its introduction.