Europe cuts small business red tape

The European Commission is abolishing accounting rules that force micro
enterprises with turnover under €880,000 per year to submit audit
reports to national authorities.

The Commission estimates this will save small business EUR1070 per year and
EUR5.6bn in total across the sector.

The proposal, which forms part of the EU’s economic recovery plan, requires
endorsement from EU ministers but is not expected to be challenged.

David Frost, director general of the British Chambers of Commerce told the
Scotsman that the total cost of business regulation now stands at £66bn.

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