New Law to Limit Bureaucracy for SMB’s

in Economy & Innovation

The government aims to make less bureaucracy for small and medium sized businesses, and is inviting a new law into the mix which will minimize the hefty red tape that business owners commonly need to climb through. Working with the Ministry of Finance and Justice, the new government hopes to establish a smarter regulation system so that such businesses can flourish.

Minister of Finance Avigdor Liberman says that “The country’s regulatory environment is full of laws that have become outdated, or that are solving problems that don’t exist anymore. We can’t have a situation where businesses have no idea what is required of them, or that they are forbidden from opening because of a law that they didn’t know about.”

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Additionally, the new regulations hope to “save the government seven to eight billion shekels in the future,” which will “ help to avoid having to raise taxes.” A team has been working on smart regulation for the past six months, to not only create more ease for SMB’s but also to reduce living costs, create a competitive economy, and tailor efficiently for smaller businesses.