Reduction in red tape could save firms €500m

JOBS and Enterprise Minister Richard Bruton has announced measures to reduce the level of red tape and bureaucracy imposed on companies, in a move which should save Irish businesses up to €500 million by the end of next year.

The Government has approved Mr Bruton’s proposal to begin a process that will result in a 25% reduction in state-imposed red tape.

In addition to this, his department is increasing the number of businesses that are exempt from having to hire external auditors to the maximum level permitted under EU law. The move is expected to save Irish SMEs up to €5m in business costs per year.