Major Changes in Agricultural Trade: The Role of AADE

Radical changes are coming to agricultural trade, specifically in the invoicing and payment processes, introduced by the New Independent Authority for Market Supervision and Consumer Protection. This authority aims to ensure transparency and protect producers. Amendments to laws 4308/2014 and 4492/2017 are expected to bring about significant improvements in agricultural product trading as presented by Development Minister Takis Theodorikakos. Previously, Article 11 of law 4308/2014 stipulated that invoices must be issued no later than the 15th of the following month from the shipment date, while according to law 4492/2017, payment was due within 60 days. However, in many cases, payments were never made, and producers hesitated to report their clients fearing a disruption in cooperation. With the new amendments, the landscape is changing drastically: Invoices will now be issued alongside the delivery note with an indicative price, which can be adjusted (up to ±10%) in the final invoice issued no later than the 15th of the following month to reflect actual market conditions. The payment deadline for the final invoice has been reduced from 60 to 30 days. Most importantly, the AADE will be able to detect unpaid invoices through cross-referencing with banks without requiring a complaint from the producer. If an invoice remains unpaid after 75 days, penalties will be imposed, safeguarding producers’ rights and enhancing market transparency.