The government has formed a five-member committee to implement the decision to shift the country’s fiscal year from the current July – June cycle to April – March.
The Cabinet Division issued a notification yesterday (23 August) forming the high-level committee, headed by the cabinet secretary.
Other members are the Bangladesh Bank governor, finance secretary, law and parliamentary affairs secretary, and National Board of Revenue (NBR) chairman.
The committee has been tasked with determining the specific steps required to introduce the new fiscal year. Its responsibilities include outlining necessary amendments to the Constitution and the General Clauses Act, 1897, and recommending technological changes to the government’s financial management system.
At a meeting last week, the cabinet decided to introduce the 1 April – 31 March fiscal year from FY2028 – 29.
To facilitate the transition, FY2027 – 28 will be treated as a nine-month transitional fiscal year, running from July to March.
The government currently follows a July – June fiscal year, under which infrastructure development activities are frequently disrupted by the monsoon.
Such disruptions can affect the quality of development work and cause significant public inconvenience, according to the government.
The government expects the new fiscal structure to allow major development projects to be completed before the monsoon season begins.
About The Author
