Dhaka: The government has formed a five-member committee to determine the measures required to implement a decision to change the country's fiscal calendar. The Cabinet Division announced the formation of the committee in a notification issued on Sunday.
According to United News of Bangladesh, the Cabinet Secretary has been appointed as the convener of the committee. Other members include the Governor of Bangladesh Bank, the Secretary of the Finance Division, the Secretary of the Legislative and Parliamentary Affairs Division, and the Chairman of the National Board of Revenue (NBR).
The committee is tasked with determining the necessary measures, including amendments to the Constitution and the General Clauses Act of 1897, as well as technical changes required in the government's financial management system, to implement the change in the fiscal year. The committee has the authority to co-opt additional members if necessary, and meetings will be held as required.
The Finance Division will provide secretarial support to the committee, as stated in the notification. Earlier, the Cabinet approved the decision to change the fiscal year during its meeting at the Secretariat on August 17.
Under the new decision, the fiscal year will begin on April 1 and end on March 31, starting from the fiscal year 2028-29. Fiscal year 2027-28 will be treated as a transitional year and will run for nine months, from July to March.