Simplification brings massive financial savings for business sector
The Government has removed the requirement for an annual report for companies with a turnover below 70 million.
Monica Mæland, Minister for Industry, just announced new billion kroner savings for business, reported Dagens Næringsliv newspaper.
On Wednesday, amendments to the Accounting Act will be introduced in the Cabinet of Ministers. Among other things, these release enterprises with less than NOK 70 million in revenue from preparing an annual report.
According to the Ministry of Industry, approximately 98% of Norwegian companies will be covered by the new provision.
According to the Ministry, the measure will cause the goal of reducing industry’s annual costs by NOK 15 billion over the past six years to be reached.
Simplification saves a billion
The Government estimates that the exemption from the annual report for small and medium-sized businesses, which is the preliminary last stepping stone, along with the other simplifications proposed, are worth one billion in savings.
‘We have simplified the business sector to a value of almost ten billion, and believe we must be equally ambitious during the next period. We’ll consider the details after the election campaign,’ said Mæland.
© NTB Scanpix / Norway Today
