Cut in Red Tape good news for Irish Businesses – Deputy Humphreys

Fine Gael TD for Cavan-Monaghan Heather Humphreys has welcomed the recent announcement by the Enterprise Minister that he is to increase the number of businesses exempt from the requirement to hire external auditors as well as substantially reduce the level of red tape imposed on small businesses.

Speaking on the matter, Deputy Humphreys said “I welcome the recent announcement by the Minister for Enterprise, Jobs and Innovation, Mr Richard Bruton TD that the Government is to increase the number of businesses exempt from the requirement to hire external auditors to the maximum level permitted under EU law.

“This move is expected to save Irish SMEs up to €5million per year. It means that companies with a turnover of less than €8.8million and a balance sheet of less than €4.4 million will be exempt from the statutory requirement to engage independent external auditors to examine their accounts, if they have 50 or fewer employees. It is estimated that approximately 1000-2500 small and medium-sized businesses will benefit from the move.

“The Minister has also announced that the Government has approved his proposal to begin a process which will ensure that a reduction of 25% in the red tape imposed by Government on business can be achieved by the end of next year. It is expected that this will result in savings of €500million to Irish businesses.

“I believe the steps taken by the Minister represent a very positive move, it is clear that the Government is striving to create an environment in which more businesses can be established and existing businesses can expand. As the Minister has stated, the essential aim behind these measures is job creation. From the outset the new Government stated that its intention is to make Ireland the best small country in the world in which to do business. While this is not something that will happen overnight, I believe the measures outlined represent a step in the right direction,” concluded Deputy Humphreys.

Fine Gael TD for Cavan-Monaghan Heather Humphreys has welcomed the recent announcement by the Enterprise Minister that he is to increase the number of businesses exempt from the requirement to hire external auditors as well as substantially reduce the level of red tape imposed on small businesses.

Speaking on the matter, Deputy Humphreys said “I welcome the recent announcement by the Minister for Enterprise, Jobs and Innovation, Mr Richard Bruton TD that the Government is to increase the number of businesses exempt from the requirement to hire external auditors to the maximum level permitted under EU law.

“This move is expected to save Irish SMEs up to €5million per year. It means that companies with a turnover of less than €8.8million and a balance sheet of less than €4.4 million will be exempt from the statutory requirement to engage independent external auditors to examine their accounts, if they have 50 or fewer employees. It is estimated that approximately 1000-2500 small and medium-sized businesses will benefit from the move.

“The Minister has also announced that the Government has approved his proposal to begin a process which will ensure that a reduction of 25% in the red tape imposed by Government on business can be achieved by the end of next year. It is expected that this will result in savings of €500million to Irish businesses.

“I believe the steps taken by the Minister represent a very positive move, it is clear that the Government is striving to create an environment in which more businesses can be established and existing businesses can expand. As the Minister has stated, the essential aim behind these measures is job creation. From the outset the new Government stated that its intention is to make Ireland the best small country in the world in which to do business. While this is not something that will happen overnight, I believe the measures outlined represent a step in the right direction,” concluded Deputy Humphreys.