Business red tape to be cut by 25%

PLANS are in place to cut the red tape burden on Irish businesses by 25%, saving firms €500 million a year.

The rationale for the proposal by the Department of Enterprise, Trade and Employment is in response to a request from the EU Council to all member states to reduce the administrative burdens on business.

It will also ensure Irish companies are not at a competitive disadvantage vis-à-vis other EU countries, according to the department.