Reducing administrative pressures could save Irish business €500 million annually, according to the Business Regulation Forum (BRF).
The BRF said the regulatory and administrative burden on Irish companies was excessive and was affecting Irish competitiveness on the global market.
Speaking at the launch of a report on the issue today, BRF Chairman Dr Donal de Buitlér said: "Reducing the administrative burdens of regulation for Irish business would benefit both enterprise and the public sector in Ireland. It would modernise some practices within the public system and make it operate more efficiently".
Dr de Buitlér said that significant steps had been taken in Europe to tackle the issue of regulatory pressures on business and that the European Commission had identified better regulation and burden reduction as a priority for improving competitiveness in Europe.
Also speaking at the launch Minister for Enterprise, Trade and Employment Micheál Martin said he welcomed the report from the BRF and said that it "clearly highlights a number of priority action areas to improve the regulatory environment for business".
"Regulation is a relatively low cost mechanism for boosting our competitiveness and it is essential that the regulatory regime for business in Ireland does not impose unnecessary significant burdens", he said.
"The Government has requested that the Department of Enterprise, Trade and Employment lead a cross-departmental and agency drive, working in co-operation with business, in addressing the regulatory burdens identified".
The BRF recommended that any burden reduction for Irish business should focus on the areas of tax, health and safety, environmental regulation, requests for statistical information and employment and company law.