Are you a small business owner and have experienced problems with delayed payments from other, larger companies?
It can now be a thing of the past, with a new one law on reporting obligations which is to protect small and medium-sized enterprises against unreasonable payment times when purchasing goods or services.
News24 have mapped out what applies.
DON’T MISS: Tax Agency: This is how the new law affects you – applies from 1 July
What does the new law on reporting obligations entail?
Small businesses in Sweden have for a long time been forced to adapt to the large companies’ demands for long payment times, writes the business service Amili by Visma on its homepage. This has led to many smaller companies experiencing strained liquidity, as they functioned as banks for the larger players.
But that is supposed to change.
In the fall of 2023 left The government submitted a proposal which means that companies with more than 249 employees – that is, large companies – are obliged to report their payment times to the Swedish Companies Registration Office when purchasing goods from companies with fewer than 249 employees.
Should benefit small and medium-sized enterprises
Although the actual length of the payment period is not regulated by law, the new law is expected to help keep payment times down when large companies make purchases from small to medium-sized companies.
On the other hand, it is important that what is written on the contracts is also reflected in reality in order for the new law to achieve its intended effect, writes Amili. It is not enough that a specific payment term is only indicated on the invoice; the payment must also be made within the set deadline – something that can be difficult to guarantee.
What do I need to think about as a small business owner?
You who run your own company with only a few employees don’t actually have to think about anything at all!
According to The Swedish Companies Registration Office instead, it is the companies with more than 249 employees who are obliged to report the following data annually:
The reporting only applies to purchases from companies with fewer than 249 employees, and the data must be reported separately in three different groups; 1-9 employees, 10-49 employees & 51-249 employees, writes the Swedish Companies Registration Office. The completed data must in turn be visible and searchable in a register.
A company that does not comply with the law on reporting obligations risks a fine – that is, a fine.
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