It seems the European Commission at least partly understands the daily frustrations that small and medium-sized businesses face as they grapple with EU regulations. Just this month, the Commission approved four out of a total of 11 measures designed to help SMEs improve their bottom lines.

According to the European Commission, “companies will no longer need to publish business data in the national gazettes and they can (re-)use translations certified in one Member State when opening branches in other Member States. In the accounting area, parent companies with no material subsidiaries no longer need to prepare consolidated accounts. Furthermore, medium-sized companies can be exempted from providing detailed data in the annual accounts. Altogether it is estimated that today’s cuttings are likely to generate significant benefits of over EUR 600 million especially for SMEs.” For more detailed information, you can check out the European Commission's website.

That sounds like excellent news for entrepreneurs across Europe. The Commission is also moving forward on a number of other proposals that will let SMEs breathe a little easier. These actions include withdrawal of at least 67 legislative proposals that would impose and undue burden on SMEs, and the placement of greater emphasis on the use of impact assessments and public consultations when drafting new rules and regulations. According to the Commission, “The aim is to assess how new legal measures could help or hinder the function of Europe’s enterprises.”  
      
Commenting on the announcement by Commissioner Charlie McCreevy, the leading group of accountants and financial experts in Europe, the F.E.E., President Jacques Potdevin stated that "these simplification measures are helpful and well targeted: they concern excessive, costly and outdated administrative requirements, which could be eliminated without detriment to the public interest. F.E.E. has always made it clear that it strongly supports such simplification."

The F.E.E. (Fédération des Experts Comptables Européens – Federation of European Accountants) represents 43 professional institutes of accountants and auditors from 32 European countries, including all of the 27 EU Member States.

And you? Has your business been burdened by excessive legislation and regulation in the EU?

Sam Juneau - 30/4/2008