Vienna, 20 September 2012 Business Service Portal from the Austrian Ministry of Finance and the Federal Economic Chamber saves time and money "Simplify, improve and reduce costs to generate growth and prosperity."

"The Business Service Portal (BSP) is a win-win situation for the economy, business and public administration", stated Minister of Finance Dr Maria Fekter, State Secretary for Finance Mag. Andreas Schieder and Federal Economic Chamber President Dr. Christoph Leitl as they presented this multi-department project during a press conference in the Federal Ministry of Finance.

Companies currently have to satisfy a great many reporting and information requirements. Federal law alone has approximately 5,700 information requirements that Austrian companies must satisfy, resulting in an estimated annual cost of approximately EUR 4.3 billion for all of the companies in Austria. "This is clearly too much. My goal is to reduce bureaucracy to a minimum and simplify the administration in our country. The Business Service Portal is a major step in this direction", explained Minister of Finance Fekter.

The Business Service Portal represents state-of-the-art administration – simple, secure and available at all times. The Portal offers centralised one-stop shopping for all Austrian companies, a single point of access to the public administration providing faster processing and improved, easy access to information. "Companies can easily click to search and find relevant information 24 hours a day, without lengthy Internet research. This saves time and money," stated Secretary of State for Finance Schieder, stressing the benefits of the Business Service Portal. 

Federal Economic Chamber President Leitl praised the cost reduction for Austrian companies. "Business is concerned with simplification. The BSP is a major improvement." The next major step for companies will be a change-over to structured electronic invoices or "e-invoicing", which Federal Government suppliers will also manage using the BSP. "This promises to save companies around EUR 14 million per year."

Leitl also called for using lump-sum non-wage labour costs in connection with the BSP. A lump-sum amount could be paid for non-wage labour costs using the BSP and immediately passed to the various recipients, such as social security. This would also generate enormous savings for companies.

In addition to providing major support for the business sector, the BSP also secures Austria's position as a leader in the electronic area. "Our administration is a model for e-government. The BSP allows us to further expand our cutting-edge role", stated Fektor.

"The BSP represents a milestone for state-of-the-art, efficient, service-oriented administration. We need to continue down this path together, based on the motto: Administration the fastest way possible", Fekter, Schieder and Leitl agree.