I was pleased to read the following today in EurActiv:
The European Commission plans to ditch accounting requirements for the EU’s smallest companies in an effort to ease the administrative burden and save each business up to €1,200 per year, or a total of €6.3 billion.
Member states will be allowed to completely abolish financial reporting obligations for micro-enterprises as part of the European Economic Recovery Plan, which was originally unveiled in November 2008.
I wonder if this means the Commission will also reduce reporting requirements for micro-businesses engaged in EU-funded projects, for example, project audits. That would be huge step toward getting more SMEs and micro-businesses involved.
To qualify, companies must meet two of three requirements set out by the Commission:
- A balance sheet total of not more than €500,000;
- A net turnover of not more than €1,000,000, and;
- Not more than ten employees.
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