Dhaka:The Ministry of Housing and Public Works has initiated preparations for transitioning to a new fiscal year structure by requesting time-bound action plans from its subordinate offices and agencies. The change will see the current July-June fiscal year replaced by an April-March fiscal year.
According to Bangladesh Sangbad Sangstha, the ministry has directed these offices and agencies to review laws, rules, circulars, statutory regulatory orders, contracts, and memorandums of understanding. The objective is to submit plans for necessary amendments and coordination by October 25, as stated in a letter issued by Administration Branch-6 of the ministry on October 15. This letter, signed by Deputy Secretary Mohammad Abdul Awal, was sent to various departments and authorities, including the Rajdhani Unnayan Kartripakkha (RAJUK).
The government has decided to treat the 2027-28 fiscal year as a transitional period, shortening it to nine months, from July to March. From 2028-29 onwards, the fiscal year will run from April 1 to March 31. This shift requires establishing a legal framework before the 2027-28 fiscal year begins, necessitating the completion of necessary work within the current fiscal year.
The new fiscal year structure will demand modifications to the government's Annual Development Programme, development activities, national production and statistical frameworks, and IT systems. Systems such as iBAS++, VAT, and treasury management must also align with this new fiscal period.
The directive has been sent to multiple agencies, including RAJUK and development authorities in various cities such as Chattogram, Rajshahi, and Khulna. The letter emphasized the need for thorough reviews and specific, time-bound action plans to implement the fiscal year change effectively.
The initiative aims to fortify the legal and institutional framework for government operations under the new fiscal year, provided the necessary measures are executed within the specified timeframe.