The approval of the Late Payment Law in 2012, aimed to turn more efficient the reduction of the late payment by public entities.

Following the most recent amendment to the Late Payment Law, the Council of Ministers approved the legal regulation regarding the required procedures in order to implement the referred Law, which can be summarized in the following changes:

• Clarification of the concept of multiannual commitment, in order to include the commitments adopted in one year which generate a payment obligation on the following year/ years.
• Include financial assets and liabilities on the concept of available funds;
• Increase the amount and the deadline for assuming responsibility regarding urgent and unavoidable expenses.