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European Federation of Accountants and Auditors for SMEs.

SME and SMP issues: Overview SME/SMP issues

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SME/SMP issues

SMEs are the motor of the European economy and account for the majority of the economic growth. They represent 99.8% of all enterprises, 66% of all jobs and 65% of total business turnover in the European Union. In the new EU member states, an even higher proportion of the economy is accounted for by SMEs.

The European SME policy aims at providing a business-friendly environment for SMEs. Since 2000, this objective has been driven by the Lisbon Strategy and the now Renewed Lisbon Strategy (2005) and the principle "Think small first".

Accountants and auditors are the first SMEs' advisers on a wide range of issues from financing to taxation to company law.

EFAA monitors very closely the work of the European institutions on relevant issues for SMEs and SMPs, in particular as to the functioning of the internal market and the enterprise policy.

We participate in the European Union of Crafts, Small and Medium-sized Enterprises (UEAPME)'s Working group on relations to banks and Working group on taxation.

Main issues:

- Basel II, Access to finance and relations to banks
- A Small Business Act for Europe (SBA) - Promotion of small businesses' growth and competitiveness

- Common Consolidated Company Tax Base (CCCTB)

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