GP seeks to continue Jan-Dec as income year

Grameenphone has sought exemption from following July-June as the 'uniform' income year, set by the stockmarket regulator.

The lone listed mobile phone operator made the plea as its parent company Telenor has 11 other operations globally that follow January-December as their income year.

The change in one company's income year may create problems to others, especially in the case of financial disclosures, officials said.

The company has already placed the issue before Finance Minister AMA Muhith and requested him to allow the operator to continue the income year that it follows now.

"We requested the authorities about the issue and they gave us assurance to solve the problem," said Mahmud Hossain, chief corporate affairs officer at Grameenphone.

He expects that they will get a positive response from the authorities and can continue to follow January-December as their income year.

All taxpaying companies other than banks, non-bank financial institutions and insurance will have to follow the uniform income year from July to June from this July, according to a regulatory directive.

There are several listed companies other than banks, insurance and financial institutions that are not maintaining their financial year from July to June.

Instead, they are maintaining different income years, Bangladesh Securities and Exchange Commission said in the directive sent out on May 27.

Out of 291 equity companies, 171 have year ending on December 31, 105 on June 30, five on March 31, five on September 30, two on April 30, one on July 31, one on August 31 and one on October 31, according to Dhaka Stock Exchange data.

Of 171 companies having December as their year-end, 30 are banks, 47 insurance companies and 19 financial institutions, which do not need to change their income year.