Warning on danger of over-regulation

OVER-REGULATION of small and medium-sized companies has the potential to damage Ireland’s competitiveness if action is not taken quickly, according to the president of the Institute of Certified Public Accountants (CPA) in Ireland, Michael F Dolan.

Writing in the CPA’s 2005 annual report, Mr Dolan said: “As a practicing CPA I can see at first hand that regulation or over- regulation is a major issue for business owners, particularly in the SME sector. It has the potential to damage Ireland’s competitiveness if we do not act quickly.

“Small firms are especially vulnerable to the burdens of rules and regulations and often the most stressful aspect of running a business is the burden of red tape placed on these wealth creators.”

Mr Dolan said that 2005 was another very successful year for CPA. “Our membership has grown by 6% from 2,748 to 2,914 and student membership has grown from 1,720 to 1,962 - an increase of 12%,” he said.