Poland to ease accounting costs for small business owners

The cabinet approved measures to ease life for small businesses at its Tuesday sitting.

Companies with fewer than 50 employees will be allowed to submit simplified accounts in a bid to boost entrepreneurship, the government has ruled.

“The proposed simplification will contribute to lowering the costs of financial reporting and day-to-day accounting by small business unit,” the government said in a press release.

The accounting change brings Polish law in line with the European Union recommendations.

Non-governmental organisations (NGOs) with low turnovers will also face simplified accounting requirements. (an)

Source: PAP