Longford/ Westmeath Fine Gael TD Nicky McFadden has welcomed Minister for Jobs, Enterprise and Innovation Richard Bruton’s announcement that he is increasing 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 €5 million per year. At its last meeting, the Government approved Minister Bruton’s proposal to begin a process which will ensure that a reduction of 25 per cent in the red tape imposed by Government on business can be achieved by the end of next year, resulting in savings of €500 million to Irish businesses,” said Deputy McFadden.
“The increase in the audit exemption thresholds will mean that companies with a turnover of less than €8.8 million 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. This represents a 20.5 per cent increase from the current thresholds of €3.65 and €7.3 million respectively. It is estimated that a minimum of 1000-2500 small and medium-sized businesses will benefit from the move every year.”
Making the announcements, Minister Bruton said the role of the Government is to create the environment in which more businesses can establish, expand, and create badly needed jobs.
“A crucial aspect of this is reducing costs faced by businesses, and I am determined that Government will act urgently to address the costs that are directly within its control.”
“If Ireland is truly to become the best small country in the world in which to do business, then Government must be continuously minimising and reducing red tape at the centre of our policymaking process. I am urgently examining ways of achieving the radical changes we need in this area so that we can get our people back to work,” Minister Bruton added.
