Commission Recommendation on the Transfer of Business

european commission

In 1994, for the first time, the European Commission published recommendations to support the transfer of SMEs. These recommendations still hold true today and still important for family companies.  At the time, it was estimated that almost 10% (30,000 companies and 300,000 jobs) of all bankruptcy petitions in SMEs were caused by a badly managed succession. For family businesses, the significant recommendations are those calling for the reduction in gift and inheritance tax.