27
th
Apr., 2016 Financial Management (Amd’t) Bill 2016 1477
So, that is a policy initiative that they are taking, if there needs to be any subsequent legal
amendments, that is brought to Parliament, it is not usurping the role of Parliament, Madam Speaker.
Again, Madam Speaker, the point that we want to make, that has also been raised in the
discussions that we had earlier on, is that this has nothing to do with Tropical Cyclone Winston. This
change in the fiscal year is completely different to the Tropical Cyclone Winston event that has taken
place. As we had highlighted and publically said, Madam Speaker, that we started discussing this
idea of changing our financial year, Madam Speaker, even before Tropical Cyclone Winston came.
In fact, we started talking about it in December.
(Hon. Member interjected)
Madam Speaker, one of the reasons why we had referred to the IMF and the World Bank, we
are not depending on them telling us what to do, we actually went to them and said, “These are some
of the ideas, let us check the technical aspects of it.” Of course, as has been acknowledged, they have
also advised by other countries. Then we talked about, for example, if your financial year has
changed, do you, for example, have a protracted financial year? Do you, for example, take this to go
all the way to July or do you shorten this year and start from 1
st
August? These are the kind of
discussions we had.
We also looked at other countries, and there is a list of countries, there are a number of
countries, of course, that have their financial year in the calendar year, but equally, Madam Speaker,
there a huge percentage, I think about 35 or 40 percent of the countries (I do not have the exact figures
here in front of me) that actually have their financial year, for example, from April to March. I mean
these include, as we have said, many of the former British Colonies, including the larger economies
like, India, you had New Zealand previously, and of course, you had countries like Singapore and
South Africa. Now, New Zealand has moved across now to the 1st of July. You have then countries
like some of our major trading partners, like the United States America, Madam Speaker.
(Chorus of Interjections)
Madam Speaker, I am being disrupted, can I be allowed to speak, please?
HON. GOVERNMENT MEMBER.- Can you listen, you might learn something?
HON. SPEAKER.- Please constant frivolous interjections are really not in order in
Parliament. So, please, be respectful. We want to hear the Honourable Minister out and the nation
wants to hear the Honourable Minister. Honourable Members, I beg your indulgence.
Honourable Minister, you may continue.
HON. A. SAYED-KHAIYUM.- Madam Speaker, just to highlight some of the countries that
have different financial years, just more closer to home, for example, Nauru, Norfolk Islands and
Tonga have their financial year from July to June. American Samoa, Marshall Islands, Micronesia
and, of course, as expected USA have their financial year from October to September. Then, of
course, Samoa has an unusual financial year which is from 1st June to 31st May. United Kingdom
has their financial year from 6th April to 5thApril, and of course there are various other countries
that have different dates.
The other countries in the Pacific, for example, Papua New Guinea, Vanuatu has a calendar
year, so does Solomon Islands but Tokelau has March to April, Cook Islands has April to March,
Niue has April to March, Japan has April to March, Australia, one of major trading partners has July
to June, Madam Speaker. So, these are some of the key countries that we do love to trade with, they
have different financial years, and of course, it does not mean that they have not been able to