Simon Coveney (Cork South Central, Fine Gael)
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Question 60: To ask the Minister for Enterprise, Trade and Employment his priorities regarding the reduction of red tape for small businesses; and if he will make a statement on the matter. [23898/06]

Micheál Martin (Cork South Central, Fianna Fail)
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Last month the Small Business Forum reported to me, making a number of recommendations to improve the environment for the conduct of small business in Ireland. These recommendations include measures to address the administrative burden on small business. These are being followed up on by my Department, other Departments or agencies, as appropriate.

I am currently fast-tracking legislation to raise the audit exemption limit applying to small companies to the maximum permitted by EU legislation, i.e. turnover of €7.3m and balance sheet of €3.65m. This will remove the compulsory annual audit costs from the very large number of companies qualifying from the enhanced exemption level.

The Business Regulation Forum is currently gathering evidence on regulation with a view to making recommendations at the end of this year for reform of areas where regulation is considered disproportionate, inefficient or ineffective. All businesses will benefit from this. The analysis may also suggest measures specifically appropriate to small businesses.