Concessions to SMEs

Ltd. companies with a single owner will be allowed to employ the owner’s relatives without a proper job contract, according to legislation the government approved on Wednesday. The same rule already applies to sole traders. Parliament will soon approve further concessions to SMEs—a 15% income tax for companies with sales under €0.1m as well as faster write-offs of receivables, full flexibility in depreciation and easier tax losses for companies with sales of up to €50,000.