http://www.whitehouse.gov/sites/default/files/omb/inforeg/83...title of the document:
Paperwork Reduction Act SUBMISSION
related to the same "Paperwork Reduction Act";
you can see that it's a submission
based on or to be filled
in application of of the said law, not a submission of the law itself.
In the same way a Paperwork Reduction Act Statement
is a Statement
based on or made/declared
in application of the Paperwork Reduction Act.
On that point there's no two options.
As for the title of the law, you could choose between
"Zakon o smanjenju rada sa dokumentima"
"Zakon o pojednostavljivanju administrativnih procedura" (looks OK to me)
or some other variant emphasising the main aim of this law.
"Zakon o smanjivanju papirologije" is unfortunately too informal, otherwise it would be the best.