Nu 98 million goes meaningless (Economy)
Thimphu, October 02: A new report of Anti Corruption Commission (ACC) says licensing procedures for trade, industries and commercial ventures is adding the Ministry of Economic Affairs burden of Nu 98.025 million every year.
According to the report, over 90 percent of this burden is laden on service receivers while the ministry bears the rest. The major portion of this burden, more than 61 percent, was due to financial or performance statements required by ventures for applying for licenses.
Similarly, registration and approval of licensing costs 25 percent and 7.5 percent respectively while renewal of licenses and inspection costs 5 percent. 93 percent of the burden is borne on large commercial and industrial ventures.
The research committee recommended reducing the time taken for completing the procedures if financial statements generated through accounting software. The committee also suggested reviewing if the financial statements demanded from companies are properly used. It asked for doing away with some multiple clearances for contractors, clear, simple and easy regulation to attract FDI inflow. Bhutan News Service