The government has decided to change the country’s existing fiscal year format. The decision came on Monday during a Cabinet meeting chaired by Prime Minister Tarique Rahman.
According to a press release issued by the Prime Minister’s Office, the 2027-28 fiscal year will be treated as a transitional period, spanning nine months from July to March.
Subsequently, all government activities will follow the new fiscal year format, running from April to March, starting from the 2028-29 fiscal year. Currently, Bangladesh observes a fiscal year that runs from 1 July to 30 June.
The official announcement noted that infrastructure development activities are currently ongoing during the monsoon season in July and August. This results in project delays, compromised quality of work, and significant public suffering.
By adopting an April-March fiscal year, the government aims to ensure that infrastructural development projects are completed before the monsoon begins. “For this reason, setting the fiscal year from 1 April to 31 March is justified,” the release added.
A committee – comprising representatives from the Cabinet Division, Bangladesh Bank, the National Board of Revenue, the Legislative Division, the Finance Division, and other relevant stakeholders – will determine the subsequent course of action.
The transition will require necessary amendments to the Constitution and General Clauses Act, 1897. Additionally, technical modifications must be implemented across the various systems involved in the government’s financial management to accommodate the change.
