Govt Forms Committee to Implement New Fiscal Calendar

The government has formed a five-member committee to identify the measures needed to implement the decision to change Bangladesh’s fiscal year.

The Cabinet Division announced the formation of the committee in a notification issued on Sunday.

The Cabinet Secretary will serve as the committee’s convener. 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 steps required to implement the new fiscal calendar, including amendments to the Constitution and the General Clauses Act, 1897.

It will also identify necessary technical changes to the government’s financial management system.

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

The Finance Division will provide secretarial support to the committee.

Earlier, the Cabinet approved the change in the fiscal year at a meeting at the Secretariat on August 17.

Under the decision, the fiscal year will run from April 1 to March 31, replacing the current July-June cycle. The new system will take effect from fiscal year 2028-29.

Fiscal year 2027-28 will serve as a transitional period and will cover nine months, from July through March.