DOHA: All government institutions are expected to follow the Gregorian calendar (January to December) from 2016 for budget and accounting purpose as against the current practice of following fiscal year. The government is planning to issue decision to unify the fiscal year of all the institutions with the government’s new financial year, Al Sharq reports. The government had earlier announced to change its fiscal or budget year to follow the Gregorian calendar from 2016. The new financial year will begin on January 1 that year. Under the new system, the new year will begin on January 1 and end on December 31. Currently institutions are following fiscal year, which starts on April 1 and end at the end of March. According to the source, the planned move is aimed at enhancing the financial efficiency of the institutions.
The Peninsula
