DOHA: Work has begun to prepare and implement the state budget from January 1, 2016 after the government last year moved the end of its fiscal year to December 31 from March 31.
Discussions to prepare the initial draft of budgetary estimates for the calendar year 2016 began yesterday and feedbacks are to be taken from 40 ministries, government agencies, institutions and authorities.
The process will continue until September 24 after which the first draft would be forwarded to Prime Minister and Interior Minister H E Sheikh Abdullah bin Nasser Al Thani. The draft will be referred to the State Cabinet for discussions and approval by the second week of October.
The Cabinet would, by October-end, refer it to Advisory Council for review and recommendations, reports Al Sharq.
Qatar changed its fiscal year-end to make government operations compatible with the needs of the private sector and global financial institutions that base their budgets on calendar year.
Qatar’s fiscal year was from April 1 to March 31 and to make changes to the year-end it recently extended its budget for financial year 2014-15 which ended on March 31 this year, until December 31.
The Peninsula
