EU sets out measures to cut red tape for SMEs on translation, accounting

BRUSSELS (Thomson Financial) - The European Commission said it has approved a range of new measures designed to reduce the administrative burden for companies in Europe.
Companies will no longer need to publish business data in the national gazettes and may use translations certified in one Member State when opening branches in other Member States.
In the accounting area, parent companies without material subsidiaries will not need to prepare consolidated accounts. Furthermore medium-sized companies can be exempted from providing detailed data in the annual accounts.
The commission estimates the measures will save companies over 600 million euros.
EU internal markets commissioner Charlie McCreevy said: 'With these proposals, we deliver on the promise we made in July 2007 when we set out our plans for the simplification of the business environment,' adding that further proposals will follow in the summer.
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