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EC announces plans for SMEs
Posted by peopleperhour.com -
26/06/2008 12:50
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The European Commission has launched its small business reforms, and promised "less red tape and more red carpet" for the continents SMEs.
Among plans released yesterday is the creation of a European Private Company legal status which will allow businesses to trade across the continent without having to incorporate local subsidiaries, and a VAT exemption threshold increase to £80,000, a £13,000 increase on the current UK level.
President of the Commission Jose Manuel Barroso said: "This is a step towards a Europe and entrepreneurs with less red tape and more red carpet for SMEs."
Vice-president Gunter Verheugen added: "Entrepreneurs and entrepreneurship are of enormous importance for our societies. Together we can deliver."
Other plans in the report include the possibility of exempting small businesses from new directives where appropriate and the reduction of the VAT rate for small businesses such as hairdressers and independent shops that cannot reclaim it from customers.
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