As the Movement Control Order (MCO) is gradually lifted, businesses are now hitting the ground running for an epic come back. But just when we plan to ramp up activities and overtake competitors at breakneck speed, what happens when there is a STOP sign getting in the way?
The dreaded paperwork — we have all been there.
As much as regulatory compliance is important, companies often deal with endless forms, contradicting information from different people, and setbacks in applications. Instead of revenue-generating activities, companies find themselves waiting for X business days for the authorities to process Form Y — that no one is no longer sure what it is even for.
At its worst, excessive paperwork brings operations to a screeching halt.
Solving the regulatory burdens
The truth: unnecessary regulations get in the way of work that matters. Especially as businesses resume operations post MCO, these are among the main barriers that slow down recovery and growth.
Focusing on the solution, the government is committed to minimise the unprecedented economic impact to Malaysian businesses post COVID-19. Thus MalaysiaMudah (#MyMudah) is introduced — a fast-forward initiative tasked to Economic Action Council (EAC) and Malaysia Productivity Corporation (MPC) in reducing unnecessary regulatory burden to support economic growth.
The purpose of #MyMudah is simple yet crucial; to identify, review and remove business regulations that no longer make sense.
MPC Director-General Dato’ Abdul Latif Haji Abu Seman explains that “This includes looking at temporarily or permanently abolishing, modifying, waiving or exempting regulations that are unnecessarily burdensome to businesses, as well as reducing the number of procedures and processing time to facilitate ease of doing business.”
Less paperwork, more work done
Today, businesses in Malaysia are estimated to spend RM40 billion for regulatory compliance cost. After its implementation, #MyMudah is expected to reduce it by 25%, generating around RM10 billion in savings for businesses, following the reduction in regulatory burden and compliance costs. Even better news, this would mean more productive hours and a step forward in stimulating the Malaysian economy.
Powering the #MyMudah initiative, company and business owners who are burdened with unnecessary regulations can forward the issues they face through the Unified Public Consultation (UPC) Portal. Be part of the solution and share your feedback now at https://upc.mpc.gov.my.