Fiscal year

Last updated

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 not 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 taxes, such as income tax. Many annual government fees—such as council tax and license fees, are also levied on a fiscal year basis, but 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: the day that is closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years have 52 weeks and others 53 weeks. [2]

The calendar year is used as the fiscal year by about 65% of publicly-traded companies in the United States and for most large corporations in the United Kingdom. [3] That is the case in many countries around the world with a few exceptions such as Australia, New Zealand, and Japan. [4]

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 also because the university is normally less busy during the summer months. In the Northern Hemisphere, that is July to the next June. In the Southern Hemisphere, that is the calendar year, January to December.

Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year.

Chart of various fiscal years

Start date of fiscal year by country
Costa Rica
Ethiopia8 July
Hong Kong
Iran21 March
Nepal16 July
New Zealandgovernment
Republic of Ireland
South Africa
South Korea
United Arab Emirates
United Kingdompersonal6 April
United Statesfederal
most states

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:

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 ]


In Afghanistan, the fiscal year was changed from 21st or 22 March – 20th or 21 March (1 Hamal – 29/30 Hoot) to 21 – 20 December (1 Jadi – 30 Qaws) 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]

cycle [12]
Solar Hijri yearGregorian yearSolar Hijri yearGregorian year
11354*21 March 1975 – 20 March 19761387*20 March 2008 – 20 March 2009
2135521 March 1976 – 20 March 1977138821 March 2009 – 20 March 2010
3135621 March 1977 – 20 March 1978138921 March 2010 – 20 March 2011
4135721 March 1978 – 20 March 1979139021 March 2011 – 19 March 2012
51358*21 March 1979 – 20 March 19801391*20 March 2012 – 20 March 2013
6135921 March 1980 – 20 March 1981139221 March 2013 – 20 March 2014
7136021 March 1981 – 20 March 1982139321 March 2014 – 20 March 2015
8136121 March 1982 – 20 March 1983139421 March 2015 – 19 March 2016
91362*21 March 1983 – 20 March 19841395*20 March 2016 – 20 March 2017
10136321 March 1984 – 20 March 1985139621 March 2017 – 20 March 2018
11136421 March 1985 – 20 March 1986139721 March 2018 – 20 March 2019
12136521 March 1986 – 20 March 1987139821 March 2019 – 19 March 2020
131366*21 March 1987 – 20 March 19881399*20 March 2020 – 20 March 2021
14136721 March 1988 – 20 March 1989140021 March 2021 – 20 March 2022
15136821 March 1989 – 20 March 1990140121 March 202220 March 2023
16136921 March 1990 – 20 March 1991140221 March 2023 – 19 March 2024
171370*21 March 1991 – 20 March 19921403*20 March 2024 – 20 March 2025
18137121 March 1992 – 20 March 1993140421 March 2025 – 20 March 2026
19137221 March 1993 – 20 March 1994140521 March 2026 – 20 March 2027
20137321 March 1994 – 20 March 1995140621 March 2027 – 19 March 2028
21137421 March 1995 – 19 March 1996140720 March 2028 – 19 March 2029
221375*20 March 1996 – 20 March 19971408*20 March 2029 – 20 March 2030
23137621 March 1997 – 20 March 1998140921 March 2030 – 20 March 2031
24137721 March 1998 – 20 March 1999141021 March 2031 – 19 March 2032
25137821 March 1999 – 19 March 2000141120 March 2032 – 19 March 2033
261379*20 March 2000 – 20 March 20011412*20 March 2033 – 20 March 2034
27138021 March 2001 – 20 March 2002141321 March 2034 – 20 March 2035
28138121 March 2002 – 20 March 2003141421 March 2035 – 19 March 2036
29138221 March 2003 – 19 March 2004141520 March 2036 – 19 March 2037
301383*20 March 2004 – 20 March 20051416*20 March 2037 – 20 March 2038
31138421 March 2005 – 20 March 2006141721 March 2038 – 20 March 2039
32138521 March 2006 – 20 March 2007141821 March 2039 – 19 March 2040
33138621 March 2007 – 19 March 2008141920 March 2040 – 19 March 2041


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 2023 is the 12-month period ending on 30 June 2023 and can be referred to as FY2022/23. 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]

QuarterPeriod covered
Quarter 11 Jul – 30 Sep
Quarter 21 Oct – 31 Dec
Quarter 31 Jan – 31 Mar
Quarter 41 Apr – 30 Jun


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


In Bangladesh, the fiscal year is 1 July to the next 30 June. [15]


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


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


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]


In Canada, the government's financial year is 1 April to 31 March. [19]
(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.


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]


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.


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


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


In Germany, the fiscal year runs from 1st January until 31st December.


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

Hong Kong

In Hong Kong, the government's financial year runs from 1 April to 31 March. [23] [24]

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


In India, the government's financial year runs from 1 April to 31 March the following year. [25] The financial year from 1 April 2020 to 31 March 2021 would generally be abbreviated as FY 2020-21, but it may also be called FY 2021 on the basis of the ending year. [26]

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 economic 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. [27] [28] Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April. [29]

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. [29] 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. [30]

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. [31]


In Indonesia, the fiscal year is the calendar year, 1 January to 31 December. [32]


In Iran, the fiscal year usually starts on 21st or 22 March (1st of Farvardin in the Solar Hijri calendar) and concludes on next year's 20th or 21 March (29th or 30th of Esfand in the Solar Hijri calendar). [33]


In Ireland, the fiscal year is the calendar year, 1 January to 31 December. Until 2001, it was the year ending 5 April, as in the United Kingdom, but was changed with the introduction of the euro. The 2001 tax year was nine months, from April to December. [34]


In Israel, the fiscal year is the calendar year, 1 January to 31 December. [35]


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. [36]


In Japan, the government's financial year is from 1 April to 31 March. [37] 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 2022 to 31 March 2023 is called 2022nendo.

Japan's income tax year is 1 January to 31 December, [38] but corporate tax is charged according to the corporation's own annual period. [39]


In Lithuania, the fiscal year is the calendar year, 1 January to 31 December. [40]


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


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


In Moldova, the fiscal year is the calendar year, 1 January to 31 December. [41]


In Myanmar, the fiscal year is 1 October to 30 September. [42]


In Nepal, the fiscal year is July 16 (1 Shrawan in Bikram calendar) to July 15 (31 Ashad in Bikram calendar). [43]

New Zealand

In New Zealand, the government's fiscal [44] and financial reporting [45] year is 1 July to the next 30 June [46] and applies also to the budget. The company and personal financial year [47] is 1 April to 31 March and applies to company and personal income tax.


In Pakistan, the 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. [48]


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


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


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


In Romania, the fiscal year is the calendar year, 1 January to 31 December. [49]


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


In Singapore, the fiscal year for the calculation of personal income taxes is 1 January to 31 December. [50]

The fiscal year for the Government of Singapore and many government-linked corporations is 1 April to 31 March. [4]

Corporations and organisations are permitted to select any date as the end of each fiscal year, as long as this date remains constant. However, new companies should consciously choose their financial year end to stretch as much as a duration of 12 months as possible. [51]

South Africa

In South Africa, the financial year for the Government of South Africa is 1 April to 31 March. [4]

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. [52]


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


In Sweden, the fiscal year for individuals is the calendar year, 1 January to 31 December. [54]

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

However, all calendar months are allowed. If an organisation wishes to change into a non-calendar year, permission from the Tax Authority is required. [55] [56]


In Switzerland, the fiscal year is the calendar year, 1 January to 31 December. [57]


In 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. [58]


In Thailand, the government's fiscal year (FY) is 1 October to 30 September of the following year. [59] For individual taxpayers it is the calendar year, 1 January to 31 December.


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


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

United Arab Emirates

In the United Arab Emirates, the fiscal year is the calendar year, 1 January to 31 December. [4]

United Kingdom

In the United Kingdom, the financial year runs from 1 April to 31 March for the purposes of government financial statements. [62] [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 in September 1752 due to the Calendar (New Style) Act 1750 by which Great Britain also converted from the Julian Calendar to the Gregorian Calendar. However, although the calendar year finished on 24 March, the tax year finished a day later, on 25 March, the Quarter Day.

For a fuller explanation about the history of the United Kingdom income tax year and its start date, see History of taxation in the United Kingdom#Why the United Kingdom income tax year begins on 6 April.

United States

Federal government

Federal Revenue and Spending Federal Revenue and Spending.png
Federal Revenue and Spending

In the United States, the 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 2022, often written as "FY2022" or "FY22", which began on 1 October 2021 and will end on 30 September 2022.

Until 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 2022 is:

  • 1st quarter: 1 October 2021 – 31 December 2021
  • 2nd quarter: 1 January 2022 – 31 March 2022
  • 3rd quarter: 1 April 2022 – 30 June 2022
  • 4th quarter: 1 July 2022 – 30 September 2022

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:

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.


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

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

Related Research Articles

Economy of the British Virgin Islands Overview article

The economy of the British Virgin Islands is one of the most prosperous in the Caribbean. Although tiny in absolute terms, because of the very small population of the British Virgin Islands, in 2010 the Territory had the 19th highest GDP per capita in the world according to the CIA World factbook. In global terms the size of the Territory's GDP measured in terms of purchasing power is ranked as 215th out of a total of 229 countries. The economy of the Territory is based upon the "twin pillars" of financial services, which generates approximately 60% of government revenues, and tourism, which generates nearly all of the rest.

Form 1040 IRS tax record

Form 1040 is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid or refunded by the government.

Economy of the United States National economy of the United States

The United States is a highly developed country with a free market economy and has the world's largest nominal GDP and net wealth. It has the second-largest by purchasing power parity (PPP) behind China. It had the world's eighth-highest per capita GDP (nominal) and the ninth-highest per capita GDP (PPP) in 2022. The United States has the most technologically powerful and innovative economy in the world. Its firms are at or near the forefront in technological advances, especially in artificial intelligence, computers, pharmaceuticals, and medical, aerospace, and military equipment. The U.S. dollar is the currency most used in international transactions and is the world's foremost reserve currency, backed by its economy, stable government, and military, its role as the reference standard for the petrodollar system, and its linked eurodollar and large U.S. treasuries market. Several countries use it as their official currency and in others it is the de facto currency. The largest U.S. trading partners are China, the European Union, Canada, Mexico, India, Japan, South Korea, the United Kingdom, and Taiwan. The U.S. is the world's largest importer and second-largest exporter. It has free trade agreements with several countries, including the USMCA, Australia, South Korea, Switzerland, Israel and several others that are in effect or under negotiation.

National debt of the United States Cumulative face value of all outstanding U.S. Treasury securities

The national debt of the United States is the total national debt owed by the federal government of the United States to Treasury security holders. The national debt at any point in time is the face value of the then-outstanding Treasury securities that have been issued by the Treasury and other federal agencies. The terms "national deficit" and "national surplus" usually refer to the federal government budget balance from year to year, not the cumulative amount of debt. In a deficit year the national debt increases as the government needs to borrow funds to finance the deficit, while in a surplus year the debt decreases as more money is received than spent, enabling the government to reduce the debt by buying back some Treasury securities. In general, government debt increases as a result of government spending and decreases from tax or other receipts, both of which fluctuate during the course of a fiscal year. There are two components of gross national debt:

The Australian Taxation Office (ATO) is an Australian statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Australian federal taxation system, superannuation legislation, and other associated matters. Responsibility for the operations of the ATO are within the portfolio of the Treasurer of Australia and the Treasury.

Taxation in the United Kingdom Overview of taxation in the United Kingdom

Taxation in the United Kingdom may involve payments to at least three different levels of government: central government, devolved governments and local government. Central government revenues come primarily from income tax, National Insurance contributions, value added tax, corporation tax and fuel duty. Local government revenues come primarily from grants from central government funds, business rates in England, Council Tax and increasingly from fees and charges such as those for on-street parking. In the fiscal year 2014–15, total government revenue was forecast to be £648 billion, or 37.7 per cent of GDP, with net taxes and National Insurance contributions standing at £606 billion.

Double taxation is the levying of tax by two or more jurisdictions on the same income, asset, or financial transaction.

Military budget of the United States Yearly spending of the United States military

The military budget is the largest portion of the discretionary United States federal budget allocated to the Department of Defense, or more broadly, the portion of the budget that goes to any military-related expenditures. The military budget pays the salaries, training, and health care of uniformed and civilian personnel, maintains arms, equipment and facilities, funds operations, and develops and buys new items. The budget funds five branches of the U.S. military: the Army, Navy, Marine Corps, Air Force, and Space Force.

United States federal budget Budget of the U.S. federal government

The United States federal budget comprises the spending and revenues of the U.S. federal government. The budget is the financial representation of the priorities of the government, reflecting historical debates and competing economic philosophies. The government primarily spends on healthcare, retirement, and defense programs. The non-partisan Congressional Budget Office provides extensive analysis of the budget and its economic effects. It has reported that large budget deficits over the next 30 years are projected to drive federal debt held by the public to unprecedented levels—from 98 percent of gross domestic product (GDP) in 2020 to 195 percent by 2050.

History of the United States public debt Aspect of history

The history of the United States public debt started with federal government debt incurred during the American Revolutionary War by the first U.S treasurer, Michael Hillegas, after the country's formation in 1776. The United States has continuously had a fluctuating public debt since then, except for about a year during 1835–1836. To allow comparisons over the years, public debt is often expressed as a ratio to gross domestic product (GDP). Historically, the United States public debt as a share of GDP has increased during wars and recessions, and subsequently declined.

Income tax in India Form of taxation in India

Income tax in India is governed by Entry 82 of the Union List of the Seventh Schedule to the Constitution of India, empowering the central government to tax non-agricultural income; agricultural income is defined in Section 10(1) of the Income-tax Act, 1961. Income-tax law consists of the 1961 act, Income Tax Rules 1962, Notifications and Circulars issued by the Central Board of Direct Taxes (CBDT), annual Finance Acts, and judicial pronouncements by the Supreme and high courts.

The phrase Bush tax cuts refers to changes to the United States tax code passed originally during the presidency of George W. Bush and extended during the presidency of Barack Obama, through:

Kansas, like many other states, is facing a $186 million gap for fiscal year 2009 and according to early estimates approximately $1 billion deficit for fiscal year 2010. However, more recent estimates place FY 2010's shortfall at $654 million.
Governor Kathleen Sebelius recommended $600 million in budget cuts for FY 2010 which includes eliminating programs, closing facilities, freezing new hires, and reducing spending. However, in light of the federal economic stimulus package Sebelius amended her recommended budget to "prevent harm" to the state. "Budget cuts deeper than what I have already recommended are not necessary, and would in fact do great harm to our state’s economy and employment levels," said Sebelius. However, state officials said their target for reductions in fiscal 2010 is greater than the Governor's recommendations - $625 million. According to the Governor's recommended budget, the proposed cuts could reduce the projected FY2010 shortfall $103 million, however that estimate depends on $57 million in revenue from state-owned casinos that haven’t yet been built.

Internal Revenue Service Revenue service of the United States federal government

The Internal Revenue Service (IRS) is the revenue service for the United States federal government, which is responsible for collecting taxes and administering the Internal Revenue Code, the main body of the federal statutory tax law. It is part of the Department of the Treasury and led by the Commissioner of Internal Revenue, who is appointed to a five-year term by the President of the United States. The duties of the IRS include providing tax assistance to taxpayers; pursuing and resolving instances of erroneous or fraudulent tax filings; and overseeing various benefits programs, including the Affordable Care Act.

Taxation in South Africa Explanation of tax in South Africa with applicable tables

Taxation may involve payments to a minimum of two different levels of government: central government through SARS or to local government. Prior to 2001 the South African tax system was "source-based", where in income is taxed in the country where it originates. Since January 2001, the tax system was changed to "residence-based" wherein taxpayers residing in South Africa are taxed on their income irrespective of its source. Non residents are only subject to domestic taxes.

The Hall income tax was a Tennessee state tax on interest and dividend income from investments. It was the only tax on personal income in Tennessee, which did not levy a general state income tax. The tax rate prior to 2016 was 6 percent, applied to all taxable interest and dividend income over $1250 per person. Revenues were shared with the government of the municipality or county where the taxpayer resided.

Political debates about the United States federal budget discusses some of the more significant U.S. budgetary debates of the 21st century. These include the causes of debt increases, the impact of tax cuts, specific events such as the United States fiscal cliff, the effectiveness of stimulus, and the impact of the Great Recession, among others. The article explains how to analyze the U.S. budget as well as the competing economic schools of thought that support the budgetary positions of the major parties.

The United States fiscal cliff refers to the combined effect of several previously-enacted laws that came into effect simultaneously in January 2013, increasing taxes and decreasing spending.

2012 California Proposition 30 California ballot measure regarding taxes

Proposition 30, officially titled Temporary Taxes to Fund Education, is a California ballot measure that was decided by California voters at the statewide election on November 6, 2012. The initiative is a measure to increase taxes to prevent US$6 billion cuts to the education budget for California state schools. The measure was approved by California voters by a margin of 55 to 45 percent.

Economic policy of the Donald Trump administration Economic policies promoted by U.S. President Donald Trump

The economic policy of the Donald Trump administration was characterized by the individual and corporate tax cuts, attempts to repeal the Affordable Care Act ("Obamacare"), trade protectionism, immigration restriction, deregulation focused on the energy and financial sectors, and responses to the COVID-19 pandemic.


  1. Richtel, Matt (12 May 2004). "Cisco Profit For Quarter Slightly Beats Estimates". The New York Times. The New York Times Company. Retrieved 14 August 2012.
  2. Ed St John
  3. Thomson ONE Banker, Thomson Reuters Datastream and individual companies (31 March 2011). "FT UK 500 2011" (PDF). Financial Times. The Financial Times Ltd. Retrieved 14 August 2012.
  4. 1 2 3 4 "Fiscal Year". The World Factbook. Central Intelligence Agency. Archived from the original on 30 April 2020. Retrieved 24 May 2020.
  5. See, e.g., U.S. IRS Publication 538.
  6. 1 2 "26 U.S. Code § 441 - Period for computation of taxable income". LII / Legal Information Institute. Retrieved 5 January 2016.
  7. 26 USC 443.
  8. 1 2 ASIC. "Changing a financial year" . Retrieved 9 July 2014.
  9. See instructions to IRS Form 1128 and 26 USC 441–444.
  10. "Change in Afghan fiscal year". The Khaama Press News Agency. 17 October 2011. Retrieved 24 May 2020.
  11. Holger Oertel (30 May 2009). "Persian calendar by Holger Oertel". Archived from the original on 16 July 2012. Retrieved 11 August 2012.
  12. The Persian calendar for 3000 years, (Kazimierz M Borkowski), Earth, Moon, and Planets, 74 (1996), No. 3, pp 223–230. Available at .
  13. 1 2 Robert H. Parker (2013). Accounting in Australia (RLE Accounting): Historical Essays. p. 63. ISBN   9781317963929.
  14. Office, Australian Taxation. "Activity statement generate dates". Retrieved 7 November 2017.
  15. "South Asia :: Bangladesh – The World Factbook - Central Intelligence Agency". Retrieved 19 January 2019.
  16. "Budgetary code" (PDF). p. 9, article 5. Retrieved 16 June 2017.
  17. "Ar. 15 of the Act on Taxes on the Income of Physical Persons".
  18. "Ar. 21, Para. 1 of the Act on Corporate Income Taxation".
  19. Department of Justice Canada (1985). "Federal-Provincial Fiscal Arrangements Act". Department of Justice Canada (in English and French). Department of Justice Canada. Retrieved 14 August 2012.
  20. "When is the Chinese Financial Year?". China Checkup.
  21. "Africa :: Egypt – The World Factbook - Central Intelligence Agency". Retrieved 19 January 2019.
  22. 1 2 "British and Foreign Naval Power" . Retrieved 5 January 2016.
  23. "The World Factbook" . Retrieved 5 January 2016.
  24. "Hong Kong tax system" . Retrieved 20 January 2021.
  25. "Why financial year & calendar year differ in India?". Reuters. 10 November 2008.
  26. "Arthapedia: Financial Year" . Retrieved 19 December 2021.
  27. "Is the country getting a new fiscal year cycle?". The Hindu Business Line. 6 July 2016. Retrieved 30 December 2016.
  28. "Change fiscal year to Jan-Dec: Govt panel suggests break from 150-yr tradition". Hindustan Times. 28 December 2016. Retrieved 30 December 2016.
  29. 1 2 "India to bid good bye to its 'old' financial year in 2018?". The Financial Express. 12 July 2016. Retrieved 30 December 2016.
  30. "Should financial year sync with calendar year? Govt to discuss". 28 June 2016. Retrieved 4 August 2016.
  31. Sood, Jyotika (2 May 2017). "Madhya Pradesh decides to change to January–December fiscal year". Mint. Retrieved 5 May 2017.
  32. Soelistianingsih, Lana (9 July 2015). "Ini Keuntungan Pemerintah Merombak Tahun Fiskal". (in Indonesian). Retrieved 10 December 2017.
  33. "Iran announces budget for coming fiscal year". Yahoo news. 2 March 2014. Retrieved 17 October 2015.
  34. Suiter, Jane (21 July 2000). "McCreevy changing the tax year from April to January". The Irish Times. Retrieved 28 June 2017.
  35. "The World Factbook" . Retrieved 28 August 2016.
  36. Bartoletto, Silvana; Chiarini, Bruno; Marzano, Elisabetta (May 2012). "The Sustainability of Fiscal Policy in Italy: A Long-Term Perspective": 47. Retrieved 24 May 2020 via ResearchGate.{{cite journal}}: Cite journal requires |journal= (help)
  37. "The World Factbook" . Retrieved 5 January 2016.
  38. "Japan - Income Tax". KPMG . Retrieved 24 May 2020.
  39. "Japan: Corporate - Tax administration". PwC . Retrieved 24 May 2020.
  40. "Article 2.52 of the Civil Code of the Republic of Lithuania". Civil Code of the Republic of Lithuania. Retrieved 1 September 2021.
  41. "Moldova - The World Fact Book". 24 June 2022.
  42. "The World Factbook" . Retrieved 5 January 2016.
  43. RSS. "Lawmakers stress on changing Fiscal Year". ekantipur. Kantipur Publications. Retrieved 13 February 2016.
  44. "Annual Report" . Retrieved 5 January 2016.
  45. "New Zealand International Financial Reporting Standards (NZIFRS)" . Retrieved 5 January 2016.
  46. "Year End Financial Statements" . Retrieved 5 January 2016.
  47. "Important dates". Inland Revenue. Retrieved 5 January 2016.
  48. International Monetary Fund (7 February 2012). Pakistan: Staff Report for the 2011 Article IV Consultation and Proposal for Post-Program Monitoring. International Monetary Fund. p. 173. ISBN   978-1-4639-5152-8.
  49. Straton, Rentrop &. "Codul fiscal 2018 ART. 16 - Anul fiscal".
  50. "Singapore Personal Income Tax 2020". Retrieved 24 May 2020.
  51. "How to Determine the Financial Year End (FYE) in Singapore". Retrieved 29 July 2020.
  52. "국가재정법" (in Korean). National Law Information Center - Reliable Ministry of Government legislation of Republic of Korea.
  53. "Spain". The World Factbook. Central Intelligence Agency. Retrieved 5 May 2016.
  54. "Sweden". The World Factbook. Central Intelligence Agency. Retrieved 1 May 2014.
  55. "Skatteverket" . Retrieved 19 May 2015.
  56. "Bolagsverket" . Retrieved 19 May 2015.
  57. "Europe :: Switzerland – The World Factbook - Central Intelligence Agency". Retrieved 19 January 2019.
  58. "Investing in Taiwan". Taiwan Investment Guide. 2008.
  59. "Economy; Thailand; Fiscal Year". The World Factbook: Thailand. US Central Intelligence Agency. Retrieved 17 February 2015.
  60. "Turkey". The World Factbook. Central Intelligence Agency. Archived from the original on 10 January 2021. Retrieved 5 May 2016.
  61. "Article 3 of Budgetary code of Ukraine". Budgetary code of Ukraine. Retrieved 19 July 2017.
  62. "The World Factbook" . Retrieved 5 January 2016.
  63. "HM Treasury Accounts Direction 2008–09" (PDF).
  64. Business tax: Self-employment, HM Revenue & Customs, retrieved 17 May 2017
  65. "Accounting and accounting rules in the United Kingdom". The World Factbook. Nordea . 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. 1 2 "Basic Information About Which States Have Major Taxes and States' Fiscal Years". National Conference of State Legislatures. 13 July 2012. 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. Retrieved 19 June 2018.

Further reading