Physics:Fiscal year

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Short description: 1-year term for government and business financial reporting
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A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis, but generally do not require the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxation, such as income tax. Many annual government fees—such as Council rates, license fees, etc.—are also levied on a fiscal year basis, while others are charged on an anniversary basis.

Some companies—such as Cisco Systems[1]—end their fiscal year on the same day of the week each year, i.e. the day that is closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years will have 52 weeks and others 53 weeks.

The calendar year is used as the fiscal year by about 65% of publicly traded companies in the United States and for a majority of large corporations in the UK.[2] It's the case in many countries around the world with a few exceptions, for example, Australia, New Zealand, and Japan.[3]

Many universities have a fiscal year which ends during the summer to align the fiscal year with the academic year (and, in some cases involving public universities, with the state government's fiscal year), and because the university is normally less busy during the summer months. In the northern hemisphere this is July to the next June. In the southern hemisphere this is calendar year, January to December. Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year.

The fiscal year is usually denoted by the calendar year in which it ends, so United States federal government spending incurred on 14 November 2024 would belong to fiscal year 2025, operating on a fiscal calendar of October–September.[4]

Chart of various fiscal years

Start date of fiscal year by country
Country Purpose (Jul) (Aug) (Sep) (Oct) (Nov) (Dec) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (Jan) (Feb) (Mar)
Australia
Austria
Bangladesh
Belgium
Brazil
Canada government
corporate/personal
China
Costa Rica
Egypt
Ethiopia 8 July
France
Germany
Greece
Hong Kong
India
Indonesia
Iran 21 March
Israel
Italy
Japan government/corporate(typical)
personal
Nepal 17 July
Netherlands
New Zealand government
corporate/personal
Pakistan
Portugal
Qatar
Republic of Ireland
Romania
Russia
Singapore government
personal
South Africa
South Korea
Spain
Sweden personal
corporate
Switzerland
Taiwan
Thailand
Turkey
United Arab Emirates
United Kingdom personal 6 April
corporate/government
United States federal
most states
corporate/personal
Country Purpose (Jul) (Aug) (Sep) (Oct) (Nov) (Dec) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (Jan) (Feb) (Mar)

Tax year

The fiscal year for individuals and entities to report and pay income taxes is often known as the taxpayer's tax year or taxable year. Taxpayers in many jurisdictions may choose their tax year.[5] Some federal countries, such as Canada and Switzerland, require the provincial or cantonal tax year to align with the federal year. In the United States, most states retained a 30 June fiscal year-end date when the federal government switched to 30 September in 1976. Nearly all jurisdictions require that the tax year be 12 months or 52/53 weeks.[6] However, short years are permitted as the first year or when changing tax years.[7]

Most countries require all individuals to pay income tax based on the calendar year. Significant exceptions include:

  • Australia: individuals pay income tax based on the financial year of 1 July until 30 June.[8]
  • United Kingdom: the tax year for individuals begins on 6 April. This is due to Britain historically having a calendar year starting on Lady Day (25 March) in the Julian calendar, which translated to 5 April when the Gregorian calendar was adopted in 1752, and which then became 6 April in 1800. (In 1900 keeping the tax year synchronised to the Julian calendar was abandoned).
  • United States: individuals may (but rarely do) elect any tax year, subject to IRS approval.[9]

Many jurisdictions require that the tax year conform to the taxpayer's fiscal year for financial reporting. The United States is a notable exception: taxpayers may choose any tax year, but must keep books and records for such year.[6]

Operation in various countries/region

In some jurisdictions, particularly those that permit tax consolidation, companies that are part of a group of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the U.S. and Japan), with consolidating entries to adjust for transactions between units with different fiscal years, so the same resources will not be counted more than once or not at all.[citation needed]

Afghanistan

In Afghanistan, the fiscal year was changed from 1 Hamal – 29 Hoot (21 March – 20 March) to 1 Jadi – 30 Qaws (21 December – 20 December) in 2011.[10] The fiscal year runs with the Afghan or Solar Hijri calendar, because of the differing cycle of leap years in the Gregorian and Afghan calendars, there can be slight differences in the start date of fiscal (and calendar) years. As shown in the chart below, leap years will coincide in 2020 and 2024 but will desynchronize with the Gregorian calendar having a leap year in 2028 as opposed to the Afghan calendar's leap year of 2029.

Correspondence of Solar Hijri and Gregorian calendars (Solar Hijri leap years are marked *)[11]

33-year
cycle[12]		 Solar Hijri year Gregorian year Solar Hijri year Gregorian year
1 1354* 21 March 1975 – 20 March 1976 1387* 20 March 2008 – 20 March 2009
2 1355 21 March 1976 – 20 March 1977 1388 21 March 2009 – 20 March 2010
3 1356 21 March 1977 – 20 March 1978 1389 21 March 2010 – 20 March 2011
4 1357 21 March 1978 – 20 March 1979 1390 21 March 2011 – 19 March 2012
5 1358* 21 March 1979 – 20 March 1980 1391* 20 March 2012 – 20 March 2013
6 1359 21 March 1980 – 20 March 1981 1392 21 March 2013 – 20 March 2014
7 1360 21 March 1981 – 20 March 1982 1393 21 March 2014 – 20 March 2015
8 1361 21 March 1982 – 20 March 1983 1394 21 March 2015 – 19 March 2016
9 1362* 21 March 1983 – 20 March 1984 1395* 20 March 2016 – 20 March 2017
10 1363 21 March 1984 – 20 March 1985 1396 21 March 2017 – 20 March 2018
11 1364 21 March 1985 – 20 March 1986 1397 21 March 2018 – 20 March 2019
12 1365 21 March 1986 – 20 March 1987 1398 21 March 2019 – 19 March 2020
13 1366* 21 March 1987 – 20 March 1988 1399* 20 March 2020 – 20 March 2021
14 1367 21 March 1988 – 20 March 1989 1400 21 March 2021 – 20 March 2022
15 1368 21 March 1989 – 20 March 1990 1401 21 March 2022 – 20 March 2023
16 1369 21 March 1990 – 20 March 1991 1402 21 March 2023 – 19 March 2024
17 1370* 21 March 1991 – 20 March 1992 1403* 20 March 2024 – 20 March 2025
18 1371 21 March 1992 – 20 March 1993 1404 21 March 2025 – 20 March 2026
19 1372 21 March 1993 – 20 March 1994 1405 21 March 2026 – 20 March 2027
20 1373 21 March 1994 – 20 March 1995 1406 21 March 2027 – 19 March 2028
21 1374 21 March 1995 – 19 March 1996 1407 20 March 2028 – 19 March 2029
22 1375* 20 March 1996 – 20 March 1997 1408* 20 March 2029 – 20 March 2030
23 1376 21 March 1997 – 20 March 1998 1409 21 March 2030 – 20 March 2031
24 1377 21 March 1998 – 20 March 1999 1410 21 March 2031 – 19 March 2032
25 1378 21 March 1999 – 19 March 2000 1411 20 March 2032 – 19 March 2033
26 1379* 20 March 2000 – 20 March 2001 1412* 20 March 2033 – 20 March 2034
27 1380 21 March 2001 – 20 March 2002 1413 21 March 2034 – 20 March 2035
28 1381 21 March 2002 – 20 March 2003 1414 21 March 2035 – 19 March 2036
29 1382 21 March 2003 – 19 March 2004 1415 20 March 2036 – 19 March 2037
30 1383* 20 March 2004 – 20 March 2005 1416* 20 March 2037 – 20 March 2038
31 1384 21 March 2005 – 20 March 2006 1417 21 March 2038 – 20 March 2039
32 1385 21 March 2006 – 20 March 2007 1418 21 March 2039 – 19 March 2040
33 1386 21 March 2007 – 19 March 2008 1419 20 March 2040 – 19 March 2041

Australia

In Australia , a fiscal year is commonly called a "financial year" (FY) and starts on 1 July and ends on the next 30 June. Financial years are designated by the calendar year of the second half of the period. For example, financial year 2017 is the 12-month period ending on 30 June 2017 and can be referred to as FY2016/17. It is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises.[8] Business enterprises may opt to use a financial year that ends at the end of a week (e.g., 52 or 53 weeks in length, and therefore is not exactly one calendar year in length), or opt for its financial year to end on a date that matches the reporting cycle of its foreign parent. All entities within the one group must use the same financial year.

For government accounting and budget purposes, pre-Federation colonies changed the financial year from the calendar year to a year ending 30 June on the following dates: Victoria changed in 1870, South Australia in 1874, Queensland in 1875, Western Australia in 1892, New South Wales in 1895 and Tasmania in 1904. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901.[13] The reason given for the change was for convenience, as Parliament typically sits during May and June, while it was difficult for it to meet in November and December to pass a budget.[13]

The Financial year is split into the following four quarters[14]

Quarter Period covered
Quarter 1 1 Jul – 30 Sep
Quarter 2 1 Oct – 31 Dec
Quarter 3 1 Jan – 31 Mar
Quarter 4 1 Apr – 30 Jun

Austria

In Austria the fiscal year is the calendar year, 1 January to 31 December.

Bangladesh

In Bangladesh, the fiscal year is 01 July to the next 30 June.[15]

Belarus

In Belarus, the fiscal year is the calendar year, 1 January to 31 December.[16]

Brazil

In Brazil, the fiscal year is the calendar year, 1 January to 31 December.

Bulgaria

In Bulgaria, the fiscal year is the calendar year, 1 January to 31 December, both for personal income tax[17] and for corporate taxes.[18]

Canada

In Canada,[19] the government's financial year is 1 April to 31 March.
(Q1 1 April - 30 June, Q2 1 July - 30 Sept, Q3 1 Oct - 31 Dec and Q4 1 Jan - 31 Mar)

For individual taxpayers, the fiscal year is the calendar year, 1 January to 31 December.

China

In China, the fiscal year for all entities is the calendar year, 1 January to 31 December, and applies to the tax year, statutory year, and planning year.[20]

Colombia

In Colombia, the fiscal year is the calendar year, 1 January to 31 December.

Costa Rica

In Costa Rica, the fiscal year is 1 October to 30 September.

Egypt

In the Arab Republic of Egypt, the fiscal year is 1 July to 30 June.[21]

France

In France, the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911.[22]

Greece

In Greece, the fiscal year is the calendar year, 1 January to 31 December.

Hong Kong

In Hong Kong,[23] the government's financial year runs from 1 April to 31 March.

However, a company incorporated in Hong Kong can determine its own financial year-end, which may be different from the government fiscal year.

India

In India, the government's financial year runs from 1 April to 31 March. It is abbreviated as a FYError: Invalid time..[24][25]

Companies following the Indian Depositary Receipt (IDR) are given freedom to choose their financial year. For example, Standard Chartered's IDR follows the UK calendar despite being listed in India. Companies following Indian fiscal year get to know their economical health on 31 March of every Indian financial or fiscal year.

The current fiscal year was adopted by the colonial British government in 1867 to align India's financial year with that of the British Empire.[26][27] Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April.[28]

In 1984, the LK Jha committee recommended adopting a fiscal year that ran from 1 January to 31 December. However, this proposal was not adopted by the government fearing possible issues during the transition period.[28] A panel set up by the NITI Aayog in July 2016, recommended starting the next fiscal year from 1 January to 31 December after the end of the current five-year plan.[29]

On 4 May 2017, Madhya Pradesh announced that it would move to a January–December financial year, becoming the first Indian state to do so. But later it dropped the idea.[30]

Indonesia

In Indonesia, the fiscal year is the calendar year, 1 January to 31 December.[31]

Iran

In Iran, the fiscal year usually starts on 21 March (1st of Farvardin) and concludes on next year's 20 March (29th of Esfand) in Solar Hijri calendar[32]

Ireland

Until 2001, the fiscal year in Ireland was the year ending 5 April, as in the United Kingdom. From 2002, to coincide with the introduction of the euro, it was changed to the calendar year, 1 January to 31 December. The 2001 tax year was nine months, from April to December.[33]

Israel

In Israel, the fiscal year is the calendar year, 1 January to 31 December.[34]

Italy

In Italy, the fiscal year is the calendar year, 1 January to 31 December. It was changed in 1965, before which it was 1 July to 30 June.[35]

Japan

In Japan the government's financial year is from 1 April to 31 March.[36] The fiscal year is represented by the calendar year in which the period begins, followed by the word nendo (年度); for example the fiscal year from 1 April Error: Invalid time. to 31 March Error: Invalid time. is called Error: Invalid time.–nendo.

Japan's income tax year is 1 January to 31 December[37], but corporate tax is charged according to the corporation's own annual period.[38]

Macau

In Macau, the government's financial year is 1 January to 31 December.

Mexico

In Mexico, the fiscal year is the calendar year, 1 January to 31 December.

Myanmar/Burma

In Myanmar,[39] the fiscal year is 1 October to 30 September.

Nepal

In Nepal, the fiscal year is 1 Shrawan (4th month of Bikram calendar) to 31 Ashad (3rd month of Bikram calendar). Shrawan 1 roughly falls in mid-July.[40]

New Zealand

In New Zealand, the government's fiscal[41] and financial reporting[42] year is 1 July to the next 30 June[43] and applies also to the budget. The company and personal financial year[44] is 1 April to 31 March and applies to company and personal income tax.

Pakistan

The Pakistani government's fiscal year is 1 July of the previous calendar year and concludes on 30 June. Private companies are free to observe their own accounting year, which may not be the same as government's fiscal year.[45]

Poland

In Poland, the fiscal year is from 1 January to 31 December.

Portugal

In Portugal, the fiscal year is the calendar year, 1 January to 31 December.

Qatar

In Qatar, the fiscal year is from 1 January to 31 December.

Romania

In Romania, the fiscal year is the calendar year, 1 January to 31 December.[46]

Russia

In Russia, the fiscal year is the calendar year, 1 January to 31 December.[22]

Singapore

The fiscal year for the calculation of personal income taxes is 1 January to 31 December.[47]

The fiscal year for the Government of Singapore and many government-linked corporations is 1 April to 31 March.[48]

Corporations and organisations are permitted to select any date as the end of each fiscal year, as long as this date remains constant.[49]

South Africa

In South Africa, the fiscal year for the Government of South Africa is 1 April to 31 March.[50]

The year of assessment for individuals covers twelve months, 1 March to the final day of February the following year. The Act also provides for certain classes of taxpayers to have a year of assessment ending on a day other than the last day of February. Companies are permitted to have a tax year ending on a date that coincides with their financial year. Many older companies still use a tax year that runs from 1 July to 30 June, inherited from the British system. A common practice for newer companies is to run their tax year from 1 March to the final day of February following, to synchronize with the tax year for individuals.[citation needed]

South Korea

In South Korea, the fiscal year is the calendar year, 1 January to 31 December.[51]

Spain

In Spain, the fiscal year is the calendar year, 1 January to 31 December.[52]

Sweden

In Sweden, the fiscal year for individuals is the calendar year, 1 January to 31 December.[53]

The fiscal year for an organisation is typically one of the following:

  • 1 January to 31 December
  • 1 May to 30 April
  • 1 July to 30 June
  • 1 September to 31 August

However, all calendar months are allowed. If an organisation wishes to change into a non-calendar year, permission from the Tax Authority is required.[54][55]

Switzerland

In Switzerland, the fiscal year is the calendar year, 1 January to 31 December.[56]

Taiwan

Taiwan, the fiscal year is the calendar year, 1 January to 31 December. However, an enterprise may elect to adopt a special fiscal year at the time it is established and can request approval from the tax authorities to change its fiscal year.[57]

Thailand

In Thailand, the government's fiscal year (FY) is 1 October to 30 September of the following year.[58] For individual taxpayers it is the calendar year, 1 January to 31 December.

Turkey

In Turkey, the fiscal year is the calendar year, 1 January to 31 December.[59]

Ukraine

In Ukraine, the fiscal year is the calendar year, 1 January to 31 December.[60]

United Arab Emirates

In the United Arab Emirates, the fiscal year is the calendar year, 1 January to 31 December.[61]

United Kingdom

In the United Kingdom,[62] the financial year runs from 1 April to 31 March for the purposes of government financial statements.[63] For personal tax purposes the fiscal year starts on 6 April and ends on 5 April of the next calendar year.[64]

Although United Kingdom corporation tax is charged by reference to the government's financial year, companies can adopt any year as their accounting year: if there is a change in tax rate, the taxable profit is apportioned to financial years on a time basis.[65]

A number of major corporations that were once government-owned, such as BT Group and the National Grid, continue to use the government's financial year, which ends on the last day of March, as they have found no reason to change since privatisation.[citation needed]

The 5 April year end for income tax reflects the old civil and ecclesiastical calendar under which New Year began on 25 March (Lady Day). The difference between the two dates is accounted for by the eleven days omitted when Great Britain converted from the Julian Calendar to the Gregorian Calendar in September 1752. At first sight the addition of eleven days to 25 March results in a tax year beginning on 5 April. However, the tax year previously actually began on 26 March. The taxes charged by the year (Land Tax and Window Tax) applied to a year "from" 25 March and, under a legal rule of interpretation dating back to at least 1628, this meant the tax year began a day later on 26 March.

For a fuller explanation about the origin of the United Kingdom income tax year see the article on the Calendar (New Style) Act 1750 under the heading Other effects: Why the United Kingdom income tax year begins on 6 April.

United States

Federal government

Federal Revenue and Spending

The United States federal government's fiscal year is the 12-month period beginning 1 October and ending 30 September the following year. The identification of a fiscal year is the calendar year in which it ends; thus, the current fiscal year is 2024, often written as "FY2024" or "FY24", which began on 1 October 2023 and will end on 30 September 2024.

Prior to 1976, the fiscal year began on 1 July and ended on 30 June. The Congressional Budget and Impoundment Control Act of 1974 made the change to allow Congress more time to arrive at a budget each year, and provided for what is known as the "transitional quarter" from 1 July 1976 to 30 September 1976. An earlier shift in the federal government's fiscal year was made in 1843, shifting the fiscal year from a calendar year to one starting on 1 July.[66]

For example, the United States government fiscal year for 2024 is:

  • 1st quarter: 1 October 2023 – 31 December 2023
  • 2nd quarter: 1 January 2024 – 31 March 2024
  • 3rd quarter: 1 April 2024 – 30 June 2024
  • 4th quarter: 1 July 2024 – 30 September 2024

State governments

State governments set their own fiscal year. Forty-six of the fifty states set their fiscal year to end on 30 June.[67] Four states have fiscal years that end on a different date:

  • Alabama, ends 30 September
  • Michigan, ends 30 September
  • New York, ends 31 March
  • Texas , ends 31 August

The fiscal year for the Washington, D.C., government ends on 30 September.[68]

Among the inhabited territories of the United States, most align with the federal fiscal year, ending on 30 September. These include American Samoa, Guam, the Northern Mariana Islands and the U.S. Virgin Islands.[67] Puerto Rico is the exception, with its fiscal year ending on 30 June.

Businesses and organizations

The tax year for a business is governed by the fiscal year it chooses. A business may choose any consistent fiscal year that it wants; however, for seasonal businesses such as farming and retail, a good account practice is to end the fiscal year shortly after the highest revenue time of year. Consequently, most large agriculture companies end their fiscal years after the harvest season, and most retailers end their fiscal years shortly after the Christmas shopping season.

See also

References

  1. ↑ Richtel, Matt (12 May 2004). "Cisco Profit For Quarter Slightly Beats Estimates". The New York Times. The New York Times Company. https://www.nytimes.com/2004/05/12/business/cisco-profit-for-quarter-slightly-beats-estimates.html. Retrieved 14 August 2012. 
  2. ↑ Thomson ONE Banker, Thomson Reuters Datastream and individual companies (31 March 2011). "FT UK 500 2011" (PDF). Financial Times. The Financial Times Ltd. http://media.ft.com/cms/35094546-98d4-11e0-bd66-00144feab49a.pdf. Retrieved 14 August 2012. 
  3. ↑ "Fiscal Year". The World Factbook. Central Intelligence Agency. https://www.cia.gov/library/publications/the-world-factbook/fields/228.html. Retrieved 24 May 2020. 
  4. ↑ "Definition of fiscal year investopedia.com". http://www.investopedia.com/terms/f/fiscalyear.asp. 
  5. ↑ See, e.g., U.S. IRS Publication 538.
  6. ↑ 6.0 6.1 "26 U.S. Code § 441 - Period for computation of taxable income". LII / Legal Information Institute. https://www.law.cornell.edu/uscode/text/26/441-. Retrieved 5 January 2016. 
  7. ↑ 26 USC 443.
  8. ↑ 8.0 8.1 ASIC. "Changing a financial year". http://www.asic.gov.au/asic/asic.nsf/byheadline/Changing+a+financial+year?openDocument. Retrieved 9 July 2014. 
  9. ↑ See instructions to IRS Form 1128 and 26 USC 441–444.
  10. ↑ "Change in Afghan fiscal year". Khaama.com. 17 Oct 2011. https://www.khaama.com/afghanistan-fiscal-year-changes-235/. Retrieved 2020-05-24. 
  11. ↑ Holger Oertel (30 May 2009). "Persian calendar by Holger Oertel". Ortelius.de. Archived from the original on 16 July 2012. https://web.archive.org/web/20120716225712/http://www.ortelius.de/kalender/pers_en.php. Retrieved 2012-08-11. 
  12. ↑ The Persian calendar for 3000 years, (Kazimierz M Borkowski), Earth, Moon, and Planets, 74 (1996), No. 3, pp 223–230. Available at [1].
  13. ↑ 13.0 13.1 Robert H. Parker (2013). Accounting in Australia (RLE Accounting): Historical Essays. p. 63. ISBN 9781317963929. https://books.google.com/books?id=be1JAgAAQBAJ&pg=PA63&lpg=PA63&dq=when+did+australia+adopt+the+financial+year+ending+in+June&source=bl&ots=QS6PJKmABz&sig=8OImKmJFtIMJleY5K582cLzrS_I&hl=en&sa=X&ved=0ahUKEwizz4al6J3RAhVGJJQKHb8CAPE4ChDoAQg_MAc#v=onepage&q=when%20did%20australia%20adopt%20the%20financial%20year%20ending%20in%20June&f=false. 
  14. ↑ Office, Australian Taxation. "Activity statement generate dates" (in en-AU). https://www.ato.gov.au/Business/Business-activity-statements-(BAS)/In-detail/Activity-statement-generate-dates/. 
  15. ↑ "South Asia :: Bangladesh — The World Factbook - Central Intelligence Agency". https://www.cia.gov/library/publications/resources/the-world-factbook/geos/bg.html. 
  16. ↑ "Budgetary code". p. 9, article 5. http://kodeksy.by/static/byudzhetnyy-kodeks.pdf. Retrieved 16 June 2017. 
  17. ↑ "Ar. 15 of the Act on Taxes on the Income of Physical Persons". http://lex.bg/laws/ldoc/2135538631. 
  18. ↑ "Ar. 21, Para. 1 of the Act on Corporate Income Taxation". http://lex.bg/laws/ldoc/2135538631. 
  19. ↑ Department of Justice Canada (1985). "Federal-Provincial Fiscal Arrangements Act" (in English, French). Department of Justice Canada. Department of Justice Canada. http://laws.justice.gc.ca/eng/F-8/FullText.html. Retrieved 14 August 2012. 
  20. ↑ "When is the Chinese Financial Year?". China Checkup. https://www.chinacheckup.com/blogs/articles/chinese-financial-year. 
  21. ↑ "Africa :: Egypt — The World Factbook - Central Intelligence Agency". https://www.cia.gov/library/publications/resources/the-world-factbook/geos/eg.html. 
  22. ↑ 22.0 22.1 "British and Foreign Naval Power.". http://hansard.millbanksystems.com/commons/1911/mar/22/british-and-foreign-naval-power#S5CV0023P0_19110322_HOC_48. Retrieved 5 January 2016. 
  23. ↑ "The World Factbook". Archived from the original on 3 May 2009. https://web.archive.org/web/20090503184904/https://www.cia.gov/library/publications/the-world-factbook/geos/hk.html. Retrieved 5 January 2016. 
  24. ↑ "The World Factbook". https://www.cia.gov/library/publications/the-world-factbook/geos/in.html. Retrieved 5 January 2016. 
  25. ↑ "Why financial year & calendar year differ in India?". Reuters. 10 November 2008. http://in.reuters.com/article/personalFinance/idINIndia-36427220081110?sp=true. 
  26. ↑ "Is the country getting a new fiscal year cycle?". 6 July 2016. http://www.thehindubusinessline.com/economy/is-the-country-getting-a-new-fiscal-year-cycle/article8816388.ece. Retrieved 30 December 2016. 
  27. ↑ "Change fiscal year to Jan-Dec: Govt panel suggests break from 150-yr tradition". 28 December 2016. http://www.hindustantimes.com/india-news/govt-panel-suggests-changing-financial-year-to-january-december/story-2mqDmFuha0jaLkttR7ioEJ.html. Retrieved 30 December 2016. 
  28. ↑ 28.0 28.1 "India to bid good bye to its ‘old’ financial year in 2018?". 12 July 2016. http://www.financialexpress.com/economy/india-bid-good-bye-old-financial-year-2018/313582/. Retrieved 30 December 2016. 
  29. ↑ "Should financial year sync with calendar year? Govt to discuss". 2016-06-28. http://indianexpress.com/article/business/business-others/financial-year-sync-calendar-year-budget-modi-government-niti-aayog-2880021/. 
  30. ↑ Sood, Jyotika (2 May 2017). "Madhya Pradesh decides to change to January–December fiscal year". http://www.livemint.com/Politics/orby2TrlAHqod9aKbf1HlJ/Madhay-Pradesh-shifts-to-JanuaryDecember-fiscal-year-format.html. Retrieved 5 May 2017. 
  31. ↑ Soelistianingsih, Lana (9 July 2015). "Ini Keuntungan Pemerintah Merombak Tahun Fiskal" (in id). Inilah.com. http://ekonomi.inilah.com/read/detail/2220960/ini-keuntungan-pemerintah-merombak-tahun-fiskal. Retrieved 10 December 2017. 
  32. ↑ "Iran announces budget for coming fiscal year". Yahoo news. 2 March 2014. https://news.yahoo.com/iran-announces-budget-coming-fiscal-191719775.html. Retrieved 17 October 2015. 
  33. ↑ Suiter, Jane (21 July 2000). "McCreevy changing the tax year from April to January". Irish Times. https://www.irishtimes.com/business/mccreevy-changing-the-tax-year-from-april-to-january-1.295008. Retrieved 28 June 2017. 
  34. ↑ "The World Factbook". https://www.cia.gov/library/publications/the-world-factbook/geos/is.html. Retrieved 28 August 2016. 
  35. ↑ Bartoletto, Silvana; Chiarini, Bruno; Marzano, Elisabetta (May 2012). The Sustainability of Fiscal Policy in Italy: A Long-Term Perspective. pp. 47. https://www.researchgate.net/publication/241753928_The_Sustainability_of_Fiscal_Policy_in_Italy_A_Long-Term_Perspective. Retrieved May 24, 2020. 
  36. ↑ "The World Factbook". https://www.cia.gov/library/publications/the-world-factbook/geos/ja.html. Retrieved 5 January 2016. 
  37. ↑ "Japan - Income Tax". KPMG. https://home.kpmg/xx/en/home/insights/2011/12/japan-income-tax.html. Retrieved 24 May 2020. 
  38. ↑ "Japan: Corporate - Tax administration". PwC. https://taxsummaries.pwc.com/japan/corporate/tax-administration. Retrieved 24 May 2020. 
  39. ↑ "The World Factbook". Archived from the original on 6 October 2010. https://web.archive.org/web/20101006115241/https://cia.gov/library/publications/the-world-factbook/geos/bm.html. Retrieved 5 January 2016. 
  40. ↑ RSS. "Lawmakers stress on changing Fiscal Year". Kantipur Publications. http://kathmandupost.ekantipur.com/news/2014-10-12/lawmakers-stress-on-changing-fiscal-year.html. Retrieved 13 February 2016. 
  41. ↑ "Annual Report". http://treasury.govt.nz/publications/abouttreasury/annualreport. Retrieved 5 January 2016. 
  42. ↑ "New Zealand International Financial Reporting Standards (NZIFRS)". http://www.treasury.govt.nz/publications/guidance/finmgmt-reporting/nzifrs. Retrieved 5 January 2016. 
  43. ↑ "Year End Financial Statements". http://www.treasury.govt.nz/government/financialstatements/yearend. Retrieved 5 January 2016. 
  44. ↑ "Important dates". Inland Revenue. http://ird.govt.nz/calendars-dates/. Retrieved 5 January 2016. 
  45. ↑ International Monetary Fund (7 February 2012). Pakistan: Staff Report for the 2011 Article IV Consultation and Proposal for Post-Program Monitoring.. International Monetary Fund. pp. 173. ISBN 978-1-4639-5152-8. https://books.google.com/books?id=ZwKS9f-NfHcC&pg=PT173. 
  46. ↑ Straton, Rentrop &. "Codul fiscal 2018 ART. 16 - Anul fiscal". https://www.noulcodfiscal.ro/titlu-2/capitol-1/articol-16.html. 
  47. ↑ "Singapore Personal Income Tax 2020". Rikvin.com. https://www.rikvin.com/taxation/singapore-personal-income-tax/. Retrieved 24 May 2020. 
  48. ↑ "Fiscal Year". The World Factbook. Central Intelligence Agency. https://www.cia.gov/library/publications/the-world-factbook/fields/228.html. Retrieved 24 May 2020. 
  49. ↑ "Determining the Financial Year End (FYE) in Singapore". 3EAccounting.com. https://www.3ecpa.com.sg/resources/corporate-compliance-requirement/determining-financial-year-end/. Retrieved 24 May 2020. 
  50. ↑ "Fiscal Year". The World Factbook. Central Intelligence Agency. https://www.cia.gov/library/publications/the-world-factbook/fields/228.html. Retrieved 24 May 2020. 
  51. ↑ "국가재정법" (in ko). National Law Information Center - Reliable Ministry of Government legislation of Republic of Korea. http://www.law.go.kr/법령/국가재정법/(20180417,15342,20180116)/제2조. 
  52. ↑ "Spain". The World Factbook. Central Intelligence Agency. https://www.cia.gov/library/publications/the-world-factbook/geos/sp.html. Retrieved 5 May 2016. 
  53. ↑ "Sweden". The World Factbook. Central Intelligence Agency. https://www.cia.gov/library/publications/the-world-factbook/geos/sw.html. Retrieved 1 May 2014. 
  54. ↑ "Skatteverket". http://www.skatteverket.se/foretagorganisationer/sjalvservice/blanketterbroschyrer/broschyrer/info/424.4.39f16f103821c58f680007805.html. Retrieved 19 May 2015. 
  55. ↑ "Bolagsverket". http://www.bolagsverket.se/ff/foretagsformer/aktiebolag/driva/rakenskapsar-1.3823. Retrieved 19 May 2015. 
  56. ↑ "Europe :: Switzerland — The World Factbook - Central Intelligence Agency". https://www.cia.gov/library/publications/resources/the-world-factbook/geos/sz.html. 
  57. ↑ "Investing in Taiwan". Taiwan Investment Guide. 2008. http://www.dois.moea.gov.tw/tig/english/page.asp?class_id=2&page=6. 
  58. ↑ "Economy; Thailand; Fiscal Year". US Central Intelligence Agency. https://www.cia.gov/library/publications/the-world-factbook/geos/th.html. Retrieved 17 Feb 2015. 
  59. ↑ "Turkey". The World Factbook. Central Intelligence Agency. https://www.cia.gov/library/publications/the-world-factbook/geos/tu.html. Retrieved 5 May 2016. 
  60. ↑ "Article 3 of Budgetary code of Ukraine". Budgetary code of Ukraine. http://zakon2.rada.gov.ua/laws/show/2456-17. Retrieved 19 Jul 2017. 
  61. ↑ "Fiscal Year". The World Factbook. Central Intelligence Agency. https://www.cia.gov/library/publications/the-world-factbook/fields/228.html. Retrieved 24 May 2020. 
  62. ↑ "The World Factbook". https://www.cia.gov/library/publications/the-world-factbook/geos/uk.html. Retrieved 5 January 2016. 
  63. ↑ "HM Treasury Accounts Direction 2008–09". http://www.hm-treasury.gov.uk/d/dao0708.pdf. 
  64. ↑ Business tax: Self-employment, HM Revenue & Customs, https://www.gov.uk/topic/business-tax/self-employed, retrieved 17 May 2017 
  65. ↑ "Accounting and accounting rules in the United Kingdom". The World Factbook. Nordea. https://www.nordeatrade.com/en/explore-new-market/united-kingdom/accounting. Retrieved 24 May 2020. 
  66. ↑ The Statutes at Large and Treaties of the United States of America, Volume 5. Boston: Charles C. Little & James Brown. 1856. pp. 536–537. 
  67. ↑ 67.0 67.1 "Basic Information About Which States Have Major Taxes and States' Fiscal Years". National Conference of State Legislatures. 13 July 2012. http://www.ncsl.org/research/fiscal-policy/basic-information-about-which-states-have-major-ta.aspx#fyrs. Retrieved 19 June 2018. 
  68. ↑ "Code of the District of Columbia, Title 1. Government Organization § 1–204.41. Fiscal year.". Council of the District of Columbia. https://code.dccouncil.us/dc/council/code/sections/1-204.41.html. Retrieved 19 June 2018. 

Further reading




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