Cause and Effect in European Politics and Law

Alleviations - yes, but not at the expense of control

Adelina Marini, September 8, 2009

Bulgaria supports the idea of the European Commission for changes in the directive of the annual financial reports, aimed at releasing the micro enterprises from the obligation to make such reports because this would alleviate the administrative burden on them. The idea is part of the recovery plan of the EU, approved in the end of last year. At yesterday's session the Council for European Affairs under the auspices of the Bulgarian government and chaired by the deputy foreign minister Krasimir Kostov, has decided to support the proposal but only if it does not disrupt transparency and the quality of the information in the financial reports.

Micro enterprises are those whose balance sheets do not exceed 500,000 euro by the 31st of December of each year, their net revenues for the year are no more than 1 mn euro and the number of the personnel is up to 10 people. The Council also assigned an inter-institutional working group with the task to analyse the economic effects of such a measure whether it really helps the business in crisis.

The proposal of the Commission is a priority one for Bulgaria and is included in the annual programme of the parliament, Mr. Kostov added. He said that the work on the changes is still going on and is quite intense because there is a blocking minority. He did not specify which countries are included in this minority but underlined that if the changes are adopted Bulgaria will decide whether to benefit from the opportunities those changes give.