In today’s complex business environment, organisations need to deal with several regulatory compliances in the course of conducting business. Bangladesh, being an emerging nation, is fast adopting several regulatory compliance measures to regulate businesses across industries. With the right kind of focus on automation, organisations can convert many of these compliance requirements into automated processes, thereby improving the compliance environment.
The collapse of Rana Plaza taught us an important lesson on safety standards. Several safety standards are available and companies, particularly apparel manufacturing companies, have worked hard to adopt these measures. Foreign buyers impose a few additional requirements with respect to the safety of factories as well as certain labour practices, and apparel manufacturing companies in Bangladesh are expected to comply with these standards.
The other concern is environmental. The Department of Environment under the government of Bangladesh is responsible for implementing the rules and regulations pertaining to environment protection and sustainability. Businesses in Bangladesh need to adhere to these requirements as well.
Above all, there are requirements for tax compliance. Companies need to follow both direct and indirect tax rules within Bangladesh. While value added tax (VAT) and income tax are the biggest tax components, companies routinely need to deal with other taxes such as import duty and excise duty. As a result, there are multiple compliance requirements corresponding to each type of tax.
Source: The Daily Star
