Cutting red tape

Businesses play a critical role in improving a country’s economy. Costly and complicated regulations prevent companies from growing and creating jobs. By simplifying business regulations and compliance, we are working to ensure that companies and entrepreneurs can focus on growth, innovation and job creation.

We have appointed a dedicated team in the Presidency to work on improving the business environment. This Red Tape Unit will identify priority interventions for the year ahead. It will also work with other departments and agencies to unblock specific obstacles to investment and business growth.

• A key priority is to ensure government departments pay suppliers within 30 days.
• The time to process VAT refunds has been reduced from 15 weeks to 4 to 5 weeks.
• The corporate income tax audit process has been reduced from 32 weeks to 17 weeks.