Dhaka, Jun 29 (V7N) — Opposition Leader Dr. Shafiqur Rahman has proposed changing Bangladesh's fiscal year from the current July–June cycle to the calendar year, January–December, arguing that it would improve budget implementation and oversight.
Speaking during the budget discussion in the 13th National Parliament on Monday, Dr. Rahman also recommended that Parliament review the national budget every four months to ensure greater accountability and effective implementation.
He said the existing July–June fiscal year often leaves little room beyond completing financial procedures and suggested that aligning the fiscal year with the calendar year would make planning and evaluation more effective.
The opposition leader further proposed that the supplementary budget be presented at least three months before the end of the fiscal year, allowing lawmakers sufficient time to scrutinize and debate the government's financial plans.
Dr. Rahman acknowledged the challenges faced by the Finance Minister in preparing the budget within a limited timeframe and praised the efforts of the minister and his team. However, he noted that numerous amendments had been proposed during the budget process, adding that accepting some of those recommendations could have strengthened the country's democratic practices.
On the issue of illicit financial flows, he said Bangladesh still lacks a clear policy framework for recovering laundered money. According to him, recovering even one-ninth of the funds allegedly laundered abroad would be enough to eliminate the country's budget deficit.
He also urged the government to build greater trust with the business community regarding revenue collection. "If the government stands by businesses during difficult times, they will be more willing to pay taxes for the country's needs," he said, adding that only a small number of businesspeople are dishonest, while many are compelled into irregular practices by circumstances.
Highlighting the importance of research and innovation, Dr. Rahman warned that Bangladesh would remain dependent on imports unless its universities became research-oriented.
"If our universities are not research-based, we will continue to depend on other countries for capital machinery, technology, logistics and products, while constantly looking for better sources of imports," he said.
The opposition leader also recommended increasing allowances for all freedom fighters, rather than limiting higher benefits only to those who received official state titles.
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