Bangladesh not changing fiscal year now: Finance minister

Bangladesh’s fiscal year may not be changed within the next two to three years, Finance Minister AMA Muhith has said.

Fiscal year in the country starts on July 1, the budget is presented in June and its implementation starts from Jul 1 following passage by parliament.

Different quarters have been suggesting starting the fiscal from April or January as sometimes development projects go unfinished or roughly done in the current structure.

It is mainly because the monsoon hits the country in the last quarter of the fiscal year ending on Jun 30.

Starting the fiscal from April will also reflect the Bangla lunar calendar, they say.

In response, the finance minister has said the change may not come in the near future.

“It cannot be done quickly, it might need two to three more years. Let the discussion start first,” Muhith told reporters upon finishing a meeting at the Secretariat on Wednesday.

Australia, Egypt, Bhutan and Pakistan count fiscal year from July. Bangladesh has been following the trend since its birth.

Neighbouring India and Myanmar start the count from Apr 1, Sri Lanka and the Maldives from Jan 1, and Nepal from July 16.

Fiscal year begins on Apr 1 and ends on Mar 31 in the United Kingdom, Canada and Japan while it starts from Oct 1 in the United States.

On Jul 5, Muhith said most people wanted the fiscal year to run from December to January but a decision would be taken only after the matter has been discussed.