Business regulation reviews results in RM3.79 bln savings

KUALA LUMPUR: A review of 170 business regulations, involving 20 ministries between 2014 to 2016, may see savings of RM3.79 billion in compliance costs, said Malaysia Productivity Corporation (MPC) DirectorGeneral Datuk Mohd Razali Hussain.

He said as of May 2017, the MPC reviewed a further 46 business regulations under the MPC Regulatory Impact Analysis Implementation assessment. Mohd Razali said there were regulations which have been rendered irrelevant to the current business environment due to technological advancements and, thus, needed to be reviewed in terms of relevancy and efficiency.

“Several good and high-quality regulations will be tabled in Parliament for improvement, and once approved, they can be efficiently and effectively implemented,” he told reporters on the sidelines of the Good Regulatory Practices (GRP) Day yesterday.

The GRP is a mandatory process for regulators under the ministries and its agencies seeking to introduce new laws or review any law, as outlined by the National Policy on the Development and Implementation of Regulations.

It comprises seven elements – problem statement, objectives, options, impact analysis, consultations, conclusions, recommendations and strategy for implementation. In his opening remark at the event today, International Trade and Industry Second Minister Datuk Seri Ong Ka Chuan said excessive bureaucracy and regulations imposed additional costs on businesses and impeded expansion.