Plan to change fiscal year
05 Jun 2014 - 6:32
DOHA: Qatar has plans to change its financial year to January to December from the current April to March to ensure compatibility with the private sector and the listed entities that have their fiscal year beginning from January.
Qatar News Agency (QNA) reported that the weekly Cabinet approved a draft law yesterday incorporating the proposed change in the budget year.
The draft talks of streamlining the country’s financial system and making public finance efficient in line with best international practices.
Contacted for comment, investment and finance expert, Abdullah Al Khater, told this newspaper that Qatar was taking the right step by changing the financial year to January-December.
“We don’t know what was the basis of having fiscal year from April to March,” said Al Khater. The state’s budget year should have actually been from January to December, he added.
The business sector, banks and all financial institutions barring state institutions have all have January to December financial year.
“Companies wait until April every year to know public spending figures and development project details whereas their own financial year ends on December 31,” said Al Khater.