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Apr 13, 2017

Client Update | Morality of Payments to Suppliers Law, 2017

On March 30, 2017 (the "Commencement Date"), the Morality of Payments to Suppliers Law (the "Law") was enacted. The purpose of the Law is to determine the maximum periods for payments to be made to suppliers for the sale of goods, provision of services or performance of work. The Law, which dramatically changes the morality of payments to suppliers, applies, inter alia, to state authorities, government ministries, local authorities and all registered dealers with the VAT authorities.

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