Project aims to reduce compliance costs for businesses

The government has launched a process with various sectors of the economy with a view to reducing government-induced and compliance costs for businesses.

Parliamentary Secretary Chris Said said today that the aim was to reduce the administrative burden for businesses by 12% by 2012.

The project is being coordinated by the Management Efficiency Unit, which is benefiting from EU funds for the purpose.

Dr Said said it was hoped that the targets would be achieved through a more efficient public service and better regulation.

The areas earmarked for improvement include the Companies Act, VAT and taxation, statistics, financial services, pharmaceuticals, fisheries, food safety, the environment, the work environment, and public procurement.

Consultation meetings have been held with various business sectors to assess where laws and regulations and practices can be streamlined to save costs.