Bangladesh to shift fiscal year to April-March from 2028-29

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The government has decided to change the country’s fiscal year cycle, with the fiscal year set to run from April 1 to March 31 starting from 2028-29. The 2027-28 fiscal year will be treated as a transitional year and shortened to nine months, from July to March.

The decision was approved at a Cabinet meeting held at the Secretariat on Monday, chaired by Prime Minister Tarique Rahman. The Cabinet Division confirmed the decision in a press release issued after the meeting.

Currently, Bangladesh’s fiscal year runs from July 1 to June 30. According to the government, the existing schedule means infrastructure development projects continue through July and August, during the monsoon season. This can prolong construction work, affect the quality of development projects and cause public inconvenience.

Under the new fiscal calendar, ending the fiscal year on March 31 would create an opportunity to complete infrastructure development activities before the monsoon begins, the government said, describing the new timeframe as more practical.

The Cabinet Division, Bangladesh Bank, National Board of Revenue, Legislative and Parliamentary Affairs Division, Finance Division and other relevant stakeholders will form a committee to determine the next steps for implementing the change.

The government will need to amend relevant provisions of the Constitution of Bangladesh and the General Clauses Act, 1897, to implement the change. Technical modifications will also be required in various government financial management systems, the Cabinet Division said.

According to the decision, FY2027-28 will serve as the transitional fiscal year and will cover nine months, from July to March. From FY2028-29, all government activities will follow the new fiscal year cycle, running from April 1 to March 31.