B Mirror Report: The government has promulgated the Bangladesh House Building Finance Corporation (Amendment) Ordinance-2026 aiming to enhance dynamism in the corporation’s management and reform its legal framework.

A gazette notification in this regard was published by the Legislative and Parliamentary Affairs Division of the Ministry of Law, Justice and Parliamentary Affairs. Public Relations Officer (PRO) of the Law Ministry confirmed the development today.

The President promulgated the ordinance on February 15 under the powers conferred by Article 93(1) of the Constitution. The gazette said the ordinance will come into effect immediately.

Under the key amendments, Article 12 provides for the formation of several board committees to assist the Board of Directors, including a Standing Committee, an Audit Committee and a Shariah Committee. The board will also have the authority to form any other committee as necessary.

As per the amended Article 21, the interest rate on loans provided by the corporation will be determined by the Board from time to time, subject to prior approval from the government.

Major changes have been brought to Article 29 regarding profit distribution. After meeting depreciation and liabilities from the net annual profit, a board-approved reserve fund will be created. A portion of the surplus profit will be paid to the government as dividend, while the remaining amount will be transferred to the corporation’s retained earnings.

According to the newly inserted Article 29A, the corporation will be treated as a ‘company’ under the Income Tax Act, 2023 and will be required to pay minimum income tax accordingly.

The amendment to Article 30 has strengthened and streamlined the procedures for maintaining accounts and preparing annual financial statements.