What did the Malta Chamber of SMEs bring through for business in this year’s budget?
18 October 2021
The Malta Chamber of SMEs has noted a number of positive initiatives that will aim...
Irish Presidency secures agreement on key remaining part of
Single Market Act I. This Directive will cut red tape for SMEs and increase
transparency with inclusion of "country-by-country" reporting. The agreement secured this week in Brussels by the Irish
Presidency on the Accounting Directive is another major step in reducing red
tape for European SMEs, according to Minister for Jobs, Enterprise and
Innovation, Richard Bruton TD, current chair of the Competitiveness Council.
The Directive is one of the final outstanding parts
of the Single Market Act I. Minister Bruton – "At the heart of this
Directive is the drive
to cut red tape and reduce the administrative burden on SMEs. That is
agreement is so important".
One of the Directive's key proposals is the simplification of
accounting rules for SMEs. Among the measures contained in the draft Directive
are the reduction of reporting requirements for SMEs and the introduction of an
exemption from preparing consolidated financial statements for small groups.
The Directive also incorporates a number of measures designed
to enhance financial transparency. The provisions made for Country-by-Country
Reporting will dramatically increase the transparency of payments made to
governments by European companies involved in the extractive industries. The
Reports will assist the citizens of resource-rich countries in holding their
governments to account for the use made of payments received from EU
undertakings active in the extractive industries or in the exploitation of
The agreement reached week will require final approval by the
Committee of Permanent Representatives.
The Malta Chamber of SMEs represents over 7,000 members from over 90 different sectors which in their majority are either small or medium sized companies, and such issues like the one we're experiencing right now, it's important to be united. Malta Chamber of SMEs offers a number of different services tailored to its members' individual requirements' and necessities. These range from general services offered to all members to more individual & bespoke services catered for specific requirements.
A membership with Malta Chamber of SMEs will guarantee that you are constantly updated and informed with different opportunities which will directly benefit your business and help you grow. It also entails you to a number of services which in their majority are free of charge and offered exclusively to its members (in their majority all free of charge).