Government forms taskforce to reduce business regulations, complexities

The government has formed a national taskforce to make the business and investment environment easier, more competitive and investment-friendly. The 'National Taskforce on Deregulation and Business Facilitation' will provide policy guidance on reducing unnecessary regulations and complexities in business, simplifying licensing and approval processes, and introducing single window, automated approvals and online tracking systems in government services.

According to the notification, the Finance and Planning Minister will be the chairman of the taskforce. Other members include the Environment Minister, Industries Minister and Law Minister, along with advisers from the Ministry of Finance and Planning, Ministry of Posts, Telecommunications and Information Technology, and Ministry of Science and Technology, as well as the Executive Chairman of the Bangladesh Investment Development Authority (BIDA) and the Prime Minister's Special Assistant for Investment and Capital Market.

Other members include the Governor of Bangladesh Bank, Finance Secretary, Shipping Secretary, Chairman of the National Board of Revenue (NBR), Chairman of the Bangladesh Securities and Exchange Commission (BSEC), and the Registrar of the Office of the Registrar of Joint Stock Companies and Firms (RJSC). From the business and industry sector, presidents of FBCCI, FICCI, DCCI, MCCCI, BGMEA and BKMEA have been included.

One of the key tasks of the taskforce will be to review the progress of sectoral reforms, roadmaps and implementation related to deregulation and business facilitation. It will also identify necessary steps in licensing approvals, permits, taxes, customs, banking, capital markets, construction, environment and local services, and provide guidance to simplify them.

The committee will also provide policy direction on implementing single window, Service Level Agreements (SLAs), automated approvals and online tracking systems in government services.

Additionally, the taskforce has been assigned to resolve inter-ministerial and inter-agency complexities, identify the need for amendments to laws, rules, regulations, notifications and administrative orders, and monitor complaints, irregularities and delays faced by businesses and service recipients.

Progress of these activities will be reviewed on a quarterly basis. The taskforce may co-opt other members as needed and will come into effect immediately.

The government's initiative aims to reduce unnecessary regulations and complexities in doing business, make service delivery faster and more transparent, and create a favourable environment for investment and business in the country.

Source: BSS