Govt changes fiscal year to 1 Apr - 31 Mar

The government has changed the period of the existing fiscal year and set a new period. Until now, Bangladesh’s fiscal year ran from 1 July to 30 June. Under the new decision, it has been set from 1 April to 31 March.

However, the 2027–28 fiscal year will be considered a transitional fiscal year, with the fiscal year ending after nine months (July–March). From the 2028–29 fiscal year, all government activities will begin according to the new fiscal year (April–March).

The decision was taken at the Cabinet meeting on Monday at the Secretariat in Dhaka with Prime Minister Tarique Rahman in the chair.

Later, the Cabinet Division announced the decision through a press release.

The press release said Bangladesh’s fiscal year runs from 1 July to 30 June. As a result, infrastructure development activities continue during July and August, that is, during the monsoon season. As a result, on the one hand, work is prolonged due to the monsoon, while the quality of the work is also affected.

Besides, it causes widespread public suffering. If the April–March period is used as the fiscal year, it will be possible to complete infrastructure development activities before the monsoon. Therefore, setting the fiscal year from 1 April to 31 March is considered reasonable, it added.

The press release further said a committee comprising the Cabinet Division, Bangladesh Bank, National Board of Revenue, Legislative and Parliamentary Affairs Division, Finance Division and other relevant stakeholders will determine the next course of action in this regard.

It further said that necessary amendments will have to be made to the Constitution of Bangladesh and the General Clauses Act, 1897, in this regard. In addition, technological changes will have to be made to various systems involved in the government’s financial management following the change in the fiscal year.

The 2027–28 fiscal year will be considered a transitional fiscal year, with the fiscal year ending after nine months (July–March). From the 2028–29 fiscal year, all government activities will begin according to the new fiscal year (April–March), according to the press release.