The proposed amendment by the European Commission specifically eliminates the requirement for member states to submit annual reports containing financial information on certain companies within the manufacturing sector, states the community executive in a note published on its website.
The measure aims to alleviate the administrative burdens on member states and the companies themselves.
The amendment concerns a regulation related to the transparency of financial relations between member states and public companies, “in order to reduce unnecessary reporting obligations.”
According to the Commission, this measure contributes to the objective of reducing associated reporting burdens by 25%, “without compromising policy objectives,” as part of a package of measures intended to simplify the obligations of citizens, companies, and administrations in European countries.
The new rules continue to ensure the transparency of financial relations between member states and public companies, while maintaining the conditions established to guarantee the transparency of financial transactions, the European Commission asserts.
