If govt sets a statutory limit on the time a business has to dedicate to tax or regulation, it will avoid layering, gold plating and all the other issues that then lead to attempts like this every few years to cut back. All of which have thus far failed.
Both taxes and regulation can be increased indefinitely. They both layer cost on a business, directly for taxes,indirectly for regulation.
Thus the only way to avoid tax and regulation running out of control is to think in terms of what proportion of time is it reasonable to expect a business to dedicate to the govt.
So if it is decided that business should dedicate 1/6th of time annually to the govt, then the two extremes are
1. 2 months profit is paid in tax, but the business is exempt from any other regulation that requires any time to be spent on ensuring compliance
2. No tax is paid, but 2 months of working time annually is required to be spent on regulatory compliance.
Obviously the solution lies in the middle, but time is the key commodity that needs to be considered above all else.