RIA is a detailed systematic appraisal of the potential impacts of a proposed regulation in order to assess whether the regulation is likely to achieve the desired objective and the costs of regulation are justified. It is a process that looks into the effectiveness and efficiency of different options and enables the most effective and efficient option to be systematically chosen.
According to Section 6 of the Business Regulatory Act, 2014, a public body or regulatory agency proposing to introduce or revise a policy, law or regulation for regulating business activity should undertake a RIA and public consultation. Therefore a RIA is done by the proposing or implementing agency.
A RIA should be performed on policy or regulation (including statutory instruments) that have an impact on the business environment; and On a fee, charge or levy collected pursuant to the issuance of a licence, permit, certificate and authorisation as prescribed by any given law.
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