The fiscal year in Azerbaijan is proposed to start on April 1 and end on March 31, Report informs.
The proposal was made by Chairman of the Parliamentary Committee on Economic Policy, Industry and Entrepreneurship Tahir Mirkishili at today’s plenary session of the Parliament.
“For many years, the subject of constant discussions is that the fourth quarter of the year accounts for the execution of budget revenues and expenditures, first of all, the bulk of expenditures and the completion of project financing. In addition, the start of activities in some public sectors, in particular education, falls on September. Also at the beginning of the year, in the first quarter, there is low economic activity, regardless of whether it is for objective or subjective reasons,” he said.
“There are various mechanisms for solving these problems. To resolve the issue at the macro level, we propose to establish a fiscal year in our country from April 1 to March 31. Currently, in many countries - the UK, Singapore, Japan and Kuwait, the fiscal year begins on April 1 and ends on March 31. Obviously, this transition is a complex process, but it will help to finally solve many problems. We believe that such a change will allow more efficient financing of projects, budget planning and parliamentary debate on them,” Mirkishili added.