Govt forms 5-member committee to implement change in fiscal calendar

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 the notification, the Cabinet Secretary has been appointed convener of the committee.

Other members are the Governor of Bangladesh Bank, Secretary of the Finance Division, Secretary of the Legislative and Parliamentary Affairs Division, and Chairman of the National Board of Revenue (NBR).

The committee will determine the necessary measures, including amendments to the Constitution and the General Clauses Act, 1897, as well as technical changes required in the government’s financial management system, to implement the change in the fiscal year.

The committee may co-opt members if necessary, while its meetings will be held as required.

The Finance Division will provide secretarial support to the committee, according to the notification.

Earlier, the Cabinet approved the decision to change the fiscal year at its meeting at the Secretariat on August 17.

Under the decision, the fiscal year will begin on April 1 and end on March 31, starting from 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.