European Parliament to reduce red tape for SMEs

Thursday December 15th, 2011

The European Commission has welcomed the European Parliament’s vote on reducing accounting red tape for over five million SMEs.  

Commissioner Barnier said: “I very much welcome the European Parliament’s vote approving measures to considerably simplify life for more than 5 million of the smallest companies in Europe. Allowing these companies to benefit from a very simple system of financial reporting will mean that they can free up resources to invest in their businesses and deliver further growth.  

This is a significant step benefiting the European economy as a whole. I now invite the Member States to fully adopt these new simpler accounting rules and call on them to find other ways to reduce red tape. The Member States should ensure that the benefits of simplification reach each and every micro-entity in the EU, which make up around 75% of EU companies. They are the backbone of our economy. Simplifications such as these are a cost-free way to support small businesses, and will add to our long-term prosperity.” 

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