EC Announces: New Measures to Boost the Competitiveness and Resilience of SMEs in Europe

The European Commission is taking a series of actions to cater to the needs of small and medium-sized enterprises (SMEs) in the current economic climate. SMEs are vital for driving Europe's transition towards greener and more digital economies. However, they have been facing challenges due to the unpredictability and volatility brought about by various crises in recent years. These initiatives aim to provide support and stability to SMEs, which make up 99% of businesses in Europe, as they play a crucial role in the continent's economic development.

The SME Relief Communication includes a set of fresh measures designed to offer immediate support to SMEs, enhance their long-term competitiveness, and promote fairness in the Single Market's business landscape. Some of these measures include proposals for a Regulation governing late payments in commercial transactions and a Directive that establishes a Head Office Tax System tailored for SMEs. Furthermore, additional initiatives are in place to facilitate SMEs' access to financing, enhance the business environment, and assist SMEs in growing into mid-sized companies, thereby unlocking their full economic potential.