The SME Relief Communication is out
Small and medium-sized businesses are the backbone of the European economy. However, since 2020, small and medium-sized enterprises (SMEs) have faced a series of crises and challenges. These include the COVID-19 pandemic in 2020, escalating expenses for raw materials and heightened energy costs due to Russia's conflict in Ukraine, as well as a sharp increase in inflation, all of which have hampered their ability to secure financial resources.
In order to help SMEs, on September 12th of this year, the European Commission launched a series of initiatives to address the needs of Europe’s SMEs in the current economic environment.
These measures, collectively known as SME Relief, are designed to be a comprehensive solution. The measures provide short-term relief, cultivate long-term competitiveness and foster a more level playing field within the Single Market's business ecosystem.
An essential part of SME Relief package includes:
- a plan for late payment regulation.
- a plan for a Directive on tax simplification for SMEs (or Head Office Tax System for SMEs).
- a set of strategies to make things easier for SMEs, improve access to finance and skilled workforce, and to support SMEs throughout their business lifecycle.
For more detailed information, please consult the official communication SME Relief and SME Relief fact sheet.