The European Commission announced last week, in a review of the SmallBusiness Act (SBA) held in the European Economic and Social Committee (EESC), its intention to open a consultation on the definition of SMEs in the course of 2012.At present SMEs are defined by the following 3 parameters:
-Micro-entities are companies with up to 10 employees;
-small companies employ up to 50 workers, whilst;
-medium-sized enterprises contain up to 250 employees.
However the definition of a company for specific tax or regulatory purposes may change as a range of other criteria are also taken into account under different rule
The announcement received diverse reactions from stakeholders, some of which ask what the purpose of such a consultation will be.
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