The report of the Business Regulation Forum, which concluded that cutting red tape could save Irish firms about €500 million annually, was broadly welcomed by business organisations but many warned that speedy implementation was necessary for the forum's recommendations to have any impact.
The report recommended that a burden reduction programme should focus on five areas - tax; health and safety; environmental regulation; requests for statistical information, and employment and company law. It said a standard cost model should be used to measure the burdens in these area and deal with the issues within a specific timeframe.
Irish Taxation Institute chief executive Mark Redmond said the report could be a catalyst for change.
"The promise to crack down on red tape has often been made but rarely delivered upon. For too long, the approach to cutting red tape was to ask businesses to fill in more forms - hardly the basis for change. With the publication of this report, we have the basis for effective change."
Mr Redmond said tackling the tax compliance burden would lead to savings for every Irish business and would contribute to competitiveness.
"The onus on the new cross-department and agency group is to listen to and engage with those who know the day-to-day impact of regulatory burdens," he said. "On taxation, the form-filling and numerous payment and filing dates can cripple even the most diligent of businesses."
Chambers Ireland deputy chief executive Conor Brennan said costs and competitiveness continue to be major concerns for Irish business. "Anything which can reduce costs and deliver increased competitiveness is a good thing. We must remain vigilant regarding the cost impact of over regulation.
"There are some eminently sensible suggestions in this report. The crucial issue will be to ensure that these are implemented," he said.
Chambers Ireland called for a codification of health and safety and employment regulations into one consolidated act.
"We would like to see this implemented without delay," he said.
The organisation has also suggested that regulations should only come into effect on two fixed dates each year to allow small businesses to prepare for the changes.
Small Firms Association director Patricia Callan said the recommendations needed to be put into practice immediately. "We need to see some action, particularly introducing the standard cost model for all regulation and legislation, including existing regulation."
Ms Callan also said budgets should be set aside in each department to carry out rigorous cost benefit analysis of each new piece of legislation.
Six out of 10 firms say that regulatory burden has risen in the past two years and business has now identified burdensome regulation as a bigger problem than the infrastructure deficit and staffing issues.
