The proposed new fiscal period is from October 1 to September 30. The current fiscal period is April 1 to March 30.

“If a 43-year fiscal period is going to be changed, it should be changed only after taking time to hold discussions among the Region and State governments, the ministries and relevant stakeholders on the advantages and disadvantages of the current period,” Tatmadaw MP Lieutenant Colonel Thaung Sein said.

Only 12 out of the 227 countries in the world, or 5.3 percent of the world, practise the proposed period, he added.

“As changing the fiscal period is related to the matters of politics, economy and social development of the country, it should not be abruptly changed. The new government is only one and a half years old and consideration from all aspects should be taken into account,” said Tatmadaw MP Colonel Thaung Htike Soe.

The current fiscal period starting from April 1 has been suitable for successful implementations of procurement, construction projects and other sectors, he added.

“The proposal to change has quantitative advantages but its weaknesses may complicate the economy, administration and legislation of the country. Therefore, it should be re-considered,” Hluttaw MP from Pyawbwe constituency, U Thaung Aye, said.

The President sent a letter to Pyidaungsu Hluttaw regarding the change of fiscal period and out of 15 MPs who discussed at the Hluttaw on that matter, all the National League for Democracy MPs supported the President’s suggestion.

Source: https://www.mmtimes.com/news/fiscal-period-rejected.html