The Institute, which represented its 40,000 members on the Forum over the past year has highlighted that while some business costs are a direct impact of ongoing geopolitical turmoil, reducing regulatory burdens and increasing simplification in reporting for businesses is within the gift of the government and needs to be expedited.

Cróna Clohisey, director of members and advocacy at Chartered Accountants Ireland, said: “Today’s recommendations reflect the strong engagement we had with the minister and his officials, and we are pleased to see recommendations aimed at reducing regulatory and tax compliance burdens.

“They reflect concerns businesses have consistently and increasingly raised with us and, if implemented, would make a meaningful difference for SMEs and businesses across the economy.

“Crucially, at a time of geopolitical upheaval and uncertainty, many of these recommendations can be implemented by government, providing almost immediate relief to businesses.

“We are particularly pleased to see recommendations to reform Revenue’s Enhanced Reporting Requirements, including the removal of real-time reporting; the simplification of the Form CT1 corporation tax return; and stronger application of the SME Test with a formal “comply or explain” requirement across government.

“These are practical measures that we have strongly advocated for and would help greatly to reduce unnecessary administrative burdens.

“Businesses want to comply, but increasing regulatory complexity comes at a cost. We survey our SME members twice a year and 54 per cent identify reducing regulatory and compliance burdens as the single most important support government could provide.

“Today’s recommendations recognise that competitiveness depends not only on taxation and investment, but also on making it easier for businesses to operate and grow.”

Ms Clohisey continued: “Minister Burke has produced a strong report that reflects business concerns. The recommendations are practical, achievable and deserve prompt implementation. Now Government needs to deliver them.

“Reducing the cost of doing business is not a matter for one department alone. It requires a coordinated approach across government, including Revenue and a range of other departments and agencies.

“Competitiveness is a central priority for Ireland during its Presidency of the Council of the European Union and today’s recommendations are an opportunity to demonstrate a laser-like enterprise focus in the coming months.”