A government taskforce has suggested creating a Regulatory Reform Commission (RRC) to address the pervasive issues of over-regulation and red tape in the bureaucracy, governance, businesses and tax regime.
“Over-regulation and bureaucratic red tape hindering business growth and foreign investment. To address the pervasive issue a Regulatory Reform Commission (RRC) is imperative,” the taskforce report said.
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.
The taskforce suggested for taking urgent steps for setting up at least one Center of Global Excellence for postgraduate teaching and research focusing on STEM (Science, Technology, Engineering, and Mathematics), Engineering, and ICT/AI (Information and Communication Technology/ Artificial Intelligence) on the outskirts of Dhaka city within the next five years.
Such centre of excellence will not only enhance the local education landscape but also aim to attract international scholars and researchers, the report reads.
About Bangladesh Biman, the taskforce observed that for over half a century, the national flag carrier failed to meet modern aviation standards and performance benchmarks.
Biman is continuing its existence largely depending only on serving a captive market of migrant labourers, many of whom have reported poor services.
To ensure Biman’s competitiveness in the airlines’ market, the government must ascertain a clear and measurable performance target for the airline, the taskforce said.
If Biman’s performances consistently fall short, the taskforce proposed creating an entirely new airline, named Bangladesh Airways, utilising half of Biman's existing assets, but managed by an independent, world-class management company.
The taskforce also recommended establishing an independent Centre for Social and Behavioural Change Communication and Research (CSBCC&R) to address the fragmented nature of current efforts in this critical area.
The CSBCC&R would provide a structured platform for both traditional media and digital communication strategies, while it would focus on modernising communication approaches, employing evidence-based strategies to engage communities effectively, according to the report.
The Interim government constituted the 12-member taskforce on September 10 last year to reframe the development strategies, find out leakages in financial system and restore discipline in project implementation.
