EC Internal Market and Services Commissioner Michel Barnier has expressed strong support for the European Parliament’s vote on cutting red tape for more than 5 million of the smallest companies in Europe.
Barnier said reducing accounting requirements will free up small companies’ resources to grow and invest in their businesses.
He also called on the member states to fully adopt the new accounting rules and further reduce red tape as a free way to support small businesses.
‘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.’ Barnier said.
From next year member states will be able to vote a ‘one-stop shop’, meaning that the smallest companies will only have to send their accounts to the tax administration.