KfW Survey: SMEs in Germany Spend 32 Hours per Month on Legal Compliance, Costing EUR 61 Billion Annually

On average, medium-sized companies need about 32 hours of work per month to fulfil bureaucratic obligations. A study shows that the costs go into the billions. The future federal government promises a remedy.

KfW Survey: SMEs in Germany Spend 32 Hours per Month on Legal Compliance, Costing EUR 61 Billion Annually

KfW Survey: SMEs in Germany Spend 32 Hours per Month on Legal Compliance, Costing EUR 61 Billion Annually (IN BRIEF) A recent KfW survey reveals that SMEs in Germany spend, on average, 32 hours per month complying with legal requirements, costing the economy EUR 61 billion annually. This significant time investment is particularly challenging for sole traders and businesses in the construction industry. The survey highlights that tax-related tas…

The Commission responded “positively” to the question submitted by ND MEP Giorgos Aftias, regarding the measures it intends to take to support small and medium-sized enterprises (SMEs), as noted in a relevant announcement. The European Commission emphasizes, in its response, that it “is committed to reducing the administrative burden of SMEs by 35%” and that “in order to improve the liquidity of SMEs, it proposes to revise the rules on late paym…

Countless regulations, increasing requirements: the large bureaucracy slows down the companies in Germany. Now a study estimates the immense burdens for medium-sized enterprises.

On average, companies need 32 hours a month to meet legal requirements - Not included are "psychological costs" such as lengthy procedures, high fees, poor accessibility - completing all requirements costs medium-sized enterprises around 61 billion euros a year Employees of around 3.8 million medium-sized companies in Germany use on average about seven percent of their working time.