A government taskforce has recommended establishing a Regulatory Reform Commission (RRC) to tackle the widespread problems of over-regulation and bureaucratic red tape that are hindering business growth, governance, and the tax system.
The taskforce's report emphasized that these issues are obstructing foreign investment and business development, making the creation of an RRC crucial.
Education and Planning Adviser Professor Wahiduddin Mahmud handed over the report on "Re-strategising the Economy and Mobilising Resources for Equitable and Sustainable Development" to Chief Adviser Professor Muhammad Yunus here Thursday.
The report says the task of the RRC will be continuously monitoring, evaluating, and streamlining the rules and regulations affecting all aspects of economic governance, including business operations, taxation and trade.
The RRC will actively identify regulatory inefficiencies, such as excessive paperwork, burdensome compliance requirements, and the discretionary powers of authorities like the National Board of Revenue (NBR) and the Customs Department.
By flagging these challenges to the government and relevant ministries, the RRC can advocate for reforms that would facilitate a more conducive business environment, the taskforce says.
“This reform initiative has the potential to dramatically enhance the Ease of Doing Business (EODB) in Bangladesh, making the country an attractive destination for both domestic and foreign investors,” the taskforce report says.
The taskforce recommended forming a high-powered National Board of Revenue (NBR) Oversight Committee with proportionate representation from the private sector, civil society, and government.
The committee will assess, evaluate and recommend to the Chief Adviser on how NBR should be restructured for removing inconsistent, arbitrary, and discriminatory policy/regulatory barriers related to customs, VAT and taxes, the taskforce said.
Meanwhile, the Interim government formed a 12-member taskforce on September 10 last year to revise development strategies, identify leakages in the financial system, and restore discipline in project implementation.
BDST: 1317 HRS, FEB 01, 2025
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