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Govt cuts Co-op fees by up to 80pc

Thursday, October 04 10:05:51

The Government today announced reductions of between 33pc and 80pc to five fees on co-operatives societies imposed by the Registrar of Friendly Societies.

The reductions, which are effective immediately, bring fees applying to co-operatives in almost all cases in line with equivalent fees for companies, according to Minister for Jobs, Enterprise and Innovation, Richard Bruton today.

The reductions, which take effect this week, include a 56pc reduction in the cost of registering a new cooperative; 44pc reduction in the fee to change the name of a co-operative; 70-80pc reduction in the fee to amend rules; 33pc reduction in the fee for an annual return and a 61pc reduction in the fee to change a registered office.

The reduction in fees is in line with the general commitment by Government to reduce costs to business, and its specific commitment in relation to the co-operative sector under the Programme for Government to "ensure a level playing field between co-operatives and the other legal options for structuring enterprise activities," the Minister said.

"As I have said before, a key part of the Government's plan for jobs and growth is a drive to reduce costs across the economy. Since taking office we have implemented a number of changes to achieve this aim, including reforms to the wage settling mechanisms and reductions in a number of charges imposed on business by Government."

"The Programme for Government contains commitments aimed specifically at cooperatives, including a commitment to ensure a level playing field between co-operatives and other legal options for structuring enterprises. Today's announcement will mean that almost all fees imposed on cooperatives are now aligned with those charged to companies, thus reducing the financial obstacles to forming a cooperative. I am glad to be able to bring this commitment to fruition during 2012, which is the United Nations designated International Year of Co-operatives."

"I am determined to ensure that we continue the drive to reduce costs so as to further improve the environment for businesses and make it easier for them to succeed and create the jobs we need," the Minister said.