Dhaka: A government taskforce has proposed the establishment of a Regulatory Reform Commission (RRC) to combat the widespread issues of over-regulation and bureaucratic red tape affecting the bureaucracy, governance, businesses, and tax regime.
According to Bangladesh Sangbad Sangstha, the taskforce emphasized the critical need for the RRC to address these challenges by continuously monitoring, evaluating, and streamlining the rules and regulations that impact economic governance, including business operations, taxation, and trade.
The report, handed over by Education and Planning Adviser Professor Wahiduddin Mahmud to Chief Adviser Professor Muhammad Yunus, outlines the RRC’s role in identifying regulatory inefficiencies such as excessive paperwork and burdensome compliance requirements. By addressing these issues, the RRC aims to foster a more conducive business environment, enhancing Bangladesh’s appeal to both domestic and foreign investors.
The taskforce recommended the formation of a high-powered Na
tional Board of Revenue Oversight Committee, which would include representation from the private sector, civil society, and government. This committee would assess and recommend restructuring strategies for the National Board of Revenue to eliminate inconsistent and discriminatory policy barriers related to customs, VAT, and taxes.
Furthermore, the taskforce called for the establishment of a Center of Global Excellence focusing on STEM, Engineering, and ICT/AI on the outskirts of Dhaka within the next five years. This center aims to enhance local education and attract international scholars and researchers.
Regarding Bangladesh Biman, the national flag carrier, the taskforce noted its failure to meet modern aviation standards and proposed creating a new airline named Bangladesh Airways if performance does not improve. This new airline would utilize half of Biman’s assets and be managed by an independent, world-class management company.
Additionally, the taskforce recommended setting up an independent Centr
e for Social and Behavioural Change Communication and Research to provide a structured platform for modern communication strategies and engage communities effectively.
The Interim government had constituted the 12-member taskforce on September 10 last year to reframe development strategies, identify financial system leakages, and restore discipline in project implementation.