Fiscal year

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"Business quarter" redirects here. Fiscal year_sentence_0

For the business centre of a city, see Central business district. Fiscal year_sentence_1

A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. Fiscal year_sentence_2

It is also used for financial reporting by businesses and other organizations. Fiscal year_sentence_3

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). Fiscal year_sentence_4

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. Fiscal year_sentence_5

The calculation of tax on an annual basis is especially relevant for direct taxation, such as income tax. Fiscal year_sentence_6

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. Fiscal year_sentence_7

Some companies—such as Cisco Systems—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). Fiscal year_sentence_8

Under such a system, some fiscal years will have 52 weeks and others 53 weeks. Fiscal year_sentence_9

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. Fiscal year_sentence_10

It's the case in many countries around the world with a few exceptions, for example, Australia, New Zealand, and Japan. Fiscal year_sentence_11

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. Fiscal year_sentence_12

In the northern hemisphere this is July to the next June. Fiscal year_sentence_13

In the southern hemisphere this is calendar year, January to December. Fiscal year_sentence_14

Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year. Fiscal year_sentence_15

The fiscal year is usually denoted by the calendar year in which it ends, so United States federal government spending incurred on 14 November 2020 would belong to fiscal year 2021, operating on a fiscal calendar of October–September. Fiscal year_sentence_16

Chart of various fiscal years Fiscal year_section_0

Fiscal year_table_general_0

Start date of fiscal year by countryFiscal year_table_caption_0
CountryFiscal year_header_cell_0_0_0 PurposeFiscal year_header_cell_0_0_1 (Jul)Fiscal year_header_cell_0_0_2 (Aug)Fiscal year_header_cell_0_0_3 (Sep)Fiscal year_header_cell_0_0_4 (Oct)Fiscal year_header_cell_0_0_5 (Nov)Fiscal year_header_cell_0_0_6 (Dec)Fiscal year_header_cell_0_0_7 JanFiscal year_header_cell_0_0_8 FebFiscal year_header_cell_0_0_9 MarFiscal year_header_cell_0_0_10 AprFiscal year_header_cell_0_0_11 MayFiscal year_header_cell_0_0_12 JunFiscal year_header_cell_0_0_13 JulFiscal year_header_cell_0_0_14 AugFiscal year_header_cell_0_0_15 SepFiscal year_header_cell_0_0_16 OctFiscal year_header_cell_0_0_17 NovFiscal year_header_cell_0_0_18 DecFiscal year_header_cell_0_0_19 (Jan)Fiscal year_header_cell_0_0_20 (Feb)Fiscal year_header_cell_0_0_21 (Mar)Fiscal year_header_cell_0_0_22
AustraliaFiscal year_cell_0_1_0 Fiscal year_cell_0_1_2 Fiscal year_cell_0_1_14 Fiscal year_cell_0_1_15 Fiscal year_cell_0_1_16 Fiscal year_cell_0_1_17 Fiscal year_cell_0_1_18 Fiscal year_cell_0_1_19 Fiscal year_cell_0_1_20 Fiscal year_cell_0_1_21 Fiscal year_cell_0_1_22
AustriaFiscal year_cell_0_2_0 Fiscal year_cell_0_2_2 Fiscal year_cell_0_2_3 Fiscal year_cell_0_2_4 Fiscal year_cell_0_2_5 Fiscal year_cell_0_2_6 Fiscal year_cell_0_2_7 Fiscal year_cell_0_2_8 Fiscal year_cell_0_2_20 Fiscal year_cell_0_2_21 Fiscal year_cell_0_2_22
BangladeshFiscal year_cell_0_3_0 Fiscal year_cell_0_3_2 Fiscal year_cell_0_3_14 Fiscal year_cell_0_3_15 Fiscal year_cell_0_3_16 Fiscal year_cell_0_3_17 Fiscal year_cell_0_3_18 Fiscal year_cell_0_3_19 Fiscal year_cell_0_3_20 Fiscal year_cell_0_3_21 Fiscal year_cell_0_3_22
BelgiumFiscal year_cell_0_4_0 Fiscal year_cell_0_4_2 Fiscal year_cell_0_4_3 Fiscal year_cell_0_4_4 Fiscal year_cell_0_4_5 Fiscal year_cell_0_4_6 Fiscal year_cell_0_4_7 Fiscal year_cell_0_4_8 Fiscal year_cell_0_4_20 Fiscal year_cell_0_4_21 Fiscal year_cell_0_4_22
BrazilFiscal year_cell_0_5_0 Fiscal year_cell_0_5_2 Fiscal year_cell_0_5_3 Fiscal year_cell_0_5_4 Fiscal year_cell_0_5_5 Fiscal year_cell_0_5_6 Fiscal year_cell_0_5_7 Fiscal year_cell_0_5_8 Fiscal year_cell_0_5_20 Fiscal year_cell_0_5_21 Fiscal year_cell_0_5_22
CanadaFiscal year_cell_0_6_0 governmentFiscal year_cell_0_6_1 Fiscal year_cell_0_6_2 Fiscal year_cell_0_6_3 Fiscal year_cell_0_6_4 Fiscal year_cell_0_6_5 Fiscal year_cell_0_6_6 Fiscal year_cell_0_6_7 Fiscal year_cell_0_6_8 Fiscal year_cell_0_6_9 Fiscal year_cell_0_6_10 Fiscal year_cell_0_6_11
corporate/personalFiscal year_cell_0_7_0 Fiscal year_cell_0_7_1 Fiscal year_cell_0_7_2 Fiscal year_cell_0_7_3 Fiscal year_cell_0_7_4 Fiscal year_cell_0_7_5 Fiscal year_cell_0_7_6 Fiscal year_cell_0_7_7 Fiscal year_cell_0_7_19 Fiscal year_cell_0_7_20 Fiscal year_cell_0_7_21
ChinaFiscal year_cell_0_8_0 Fiscal year_cell_0_8_2 Fiscal year_cell_0_8_3 Fiscal year_cell_0_8_4 Fiscal year_cell_0_8_5 Fiscal year_cell_0_8_6 Fiscal year_cell_0_8_7 Fiscal year_cell_0_8_8 Fiscal year_cell_0_8_20 Fiscal year_cell_0_8_21 Fiscal year_cell_0_8_22
Costa RicaFiscal year_cell_0_9_0 Fiscal year_cell_0_9_2 Fiscal year_cell_0_9_3 Fiscal year_cell_0_9_4 Fiscal year_cell_0_9_5 Fiscal year_cell_0_9_17 Fiscal year_cell_0_9_18 Fiscal year_cell_0_9_19 Fiscal year_cell_0_9_20 Fiscal year_cell_0_9_21 Fiscal year_cell_0_9_22
EgyptFiscal year_cell_0_10_0 Fiscal year_cell_0_10_2 Fiscal year_cell_0_10_14 Fiscal year_cell_0_10_15 Fiscal year_cell_0_10_16 Fiscal year_cell_0_10_17 Fiscal year_cell_0_10_18 Fiscal year_cell_0_10_19 Fiscal year_cell_0_10_20 Fiscal year_cell_0_10_21 Fiscal year_cell_0_10_22
EthiopiaFiscal year_cell_0_11_0 8 JulyFiscal year_cell_0_11_2 Fiscal year_cell_0_11_14 Fiscal year_cell_0_11_15 Fiscal year_cell_0_11_16 Fiscal year_cell_0_11_17 Fiscal year_cell_0_11_18 Fiscal year_cell_0_11_19 Fiscal year_cell_0_11_20 Fiscal year_cell_0_11_21 Fiscal year_cell_0_11_22
FranceFiscal year_cell_0_12_0 Fiscal year_cell_0_12_2 Fiscal year_cell_0_12_3 Fiscal year_cell_0_12_4 Fiscal year_cell_0_12_5 Fiscal year_cell_0_12_6 Fiscal year_cell_0_12_7 Fiscal year_cell_0_12_8 Fiscal year_cell_0_12_20 Fiscal year_cell_0_12_21 Fiscal year_cell_0_12_22
GermanyFiscal year_cell_0_13_0 Fiscal year_cell_0_13_2 Fiscal year_cell_0_13_3 Fiscal year_cell_0_13_4 Fiscal year_cell_0_13_5 Fiscal year_cell_0_13_6 Fiscal year_cell_0_13_7 Fiscal year_cell_0_13_8 Fiscal year_cell_0_13_20 Fiscal year_cell_0_13_21 Fiscal year_cell_0_13_22
GreeceFiscal year_cell_0_14_0 Fiscal year_cell_0_14_2 Fiscal year_cell_0_14_3 Fiscal year_cell_0_14_4 Fiscal year_cell_0_14_5 Fiscal year_cell_0_14_6 Fiscal year_cell_0_14_7 Fiscal year_cell_0_14_8 Fiscal year_cell_0_14_20 Fiscal year_cell_0_14_21 Fiscal year_cell_0_14_22
Hong KongFiscal year_cell_0_15_0 Fiscal year_cell_0_15_2 Fiscal year_cell_0_15_3 Fiscal year_cell_0_15_4 Fiscal year_cell_0_15_5 Fiscal year_cell_0_15_6 Fiscal year_cell_0_15_7 Fiscal year_cell_0_15_8 Fiscal year_cell_0_15_9 Fiscal year_cell_0_15_10 Fiscal year_cell_0_15_11
IndiaFiscal year_cell_0_16_0 Fiscal year_cell_0_16_2 Fiscal year_cell_0_16_3 Fiscal year_cell_0_16_4 Fiscal year_cell_0_16_5 Fiscal year_cell_0_16_6 Fiscal year_cell_0_16_7 Fiscal year_cell_0_16_8 Fiscal year_cell_0_16_9 Fiscal year_cell_0_16_10 Fiscal year_cell_0_16_11
IndonesiaFiscal year_cell_0_17_0 Fiscal year_cell_0_17_2 Fiscal year_cell_0_17_3 Fiscal year_cell_0_17_4 Fiscal year_cell_0_17_5 Fiscal year_cell_0_17_6 Fiscal year_cell_0_17_7 Fiscal year_cell_0_17_8 Fiscal year_cell_0_17_20 Fiscal year_cell_0_17_21 Fiscal year_cell_0_17_22
IranFiscal year_cell_0_18_0 Fiscal year_cell_0_18_2 Fiscal year_cell_0_18_3 Fiscal year_cell_0_18_4 Fiscal year_cell_0_18_5 Fiscal year_cell_0_18_6 Fiscal year_cell_0_18_7 Fiscal year_cell_0_18_8 Fiscal year_cell_0_18_9 21 MarchFiscal year_cell_0_18_10 Fiscal year_cell_0_18_22
IsraelFiscal year_cell_0_19_0 Fiscal year_cell_0_19_2 Fiscal year_cell_0_19_3 Fiscal year_cell_0_19_4 Fiscal year_cell_0_19_5 Fiscal year_cell_0_19_6 Fiscal year_cell_0_19_7 Fiscal year_cell_0_19_8 Fiscal year_cell_0_19_20 Fiscal year_cell_0_19_21 Fiscal year_cell_0_19_22
ItalyFiscal year_cell_0_20_0 Fiscal year_cell_0_20_2 Fiscal year_cell_0_20_3 Fiscal year_cell_0_20_4 Fiscal year_cell_0_20_5 Fiscal year_cell_0_20_6 Fiscal year_cell_0_20_7 Fiscal year_cell_0_20_8 Fiscal year_cell_0_20_20 Fiscal year_cell_0_20_21 Fiscal year_cell_0_20_22
JapanFiscal year_cell_0_21_0 government/corporate(typical)Fiscal year_cell_0_21_1 Fiscal year_cell_0_21_2 Fiscal year_cell_0_21_3 Fiscal year_cell_0_21_4 Fiscal year_cell_0_21_5 Fiscal year_cell_0_21_6 Fiscal year_cell_0_21_7 Fiscal year_cell_0_21_8 Fiscal year_cell_0_21_9 Fiscal year_cell_0_21_10 Fiscal year_cell_0_21_11
personalFiscal year_cell_0_22_0 Fiscal year_cell_0_22_1 Fiscal year_cell_0_22_2 Fiscal year_cell_0_22_3 Fiscal year_cell_0_22_4 Fiscal year_cell_0_22_5 Fiscal year_cell_0_22_6 Fiscal year_cell_0_22_7 Fiscal year_cell_0_22_19 Fiscal year_cell_0_22_20 Fiscal year_cell_0_22_21
MexicoFiscal year_cell_0_23_0 Fiscal year_cell_0_23_2 Fiscal year_cell_0_23_3 Fiscal year_cell_0_23_4 Fiscal year_cell_0_23_5 Fiscal year_cell_0_23_6 Fiscal year_cell_0_23_7 Fiscal year_cell_0_23_8 Fiscal year_cell_0_23_20 Fiscal year_cell_0_23_21 Fiscal year_cell_0_23_22
NepalFiscal year_cell_0_24_0 17 JulyFiscal year_cell_0_24_2 Fiscal year_cell_0_24_14 Fiscal year_cell_0_24_15 Fiscal year_cell_0_24_16 Fiscal year_cell_0_24_17 Fiscal year_cell_0_24_18 Fiscal year_cell_0_24_19 Fiscal year_cell_0_24_20 Fiscal year_cell_0_24_21 Fiscal year_cell_0_24_22
NetherlandsFiscal year_cell_0_25_0 Fiscal year_cell_0_25_2 Fiscal year_cell_0_25_3 Fiscal year_cell_0_25_4 Fiscal year_cell_0_25_5 Fiscal year_cell_0_25_6 Fiscal year_cell_0_25_7 Fiscal year_cell_0_25_8 Fiscal year_cell_0_25_20 Fiscal year_cell_0_25_21 Fiscal year_cell_0_25_22
New ZealandFiscal year_cell_0_26_0 governmentFiscal year_cell_0_26_1 Fiscal year_cell_0_26_2 Fiscal year_cell_0_26_14 Fiscal year_cell_0_26_15 Fiscal year_cell_0_26_16 Fiscal year_cell_0_26_17 Fiscal year_cell_0_26_18 Fiscal year_cell_0_26_19 Fiscal year_cell_0_26_20 Fiscal year_cell_0_26_21 Fiscal year_cell_0_26_22
corporate/personalFiscal year_cell_0_27_0 Fiscal year_cell_0_27_1 Fiscal year_cell_0_27_2 Fiscal year_cell_0_27_3 Fiscal year_cell_0_27_4 Fiscal year_cell_0_27_5 Fiscal year_cell_0_27_6 Fiscal year_cell_0_27_7 Fiscal year_cell_0_27_8 Fiscal year_cell_0_27_9 Fiscal year_cell_0_27_10
PakistanFiscal year_cell_0_28_0 Fiscal year_cell_0_28_2 Fiscal year_cell_0_28_14 Fiscal year_cell_0_28_15 Fiscal year_cell_0_28_16 Fiscal year_cell_0_28_17 Fiscal year_cell_0_28_18 Fiscal year_cell_0_28_19 Fiscal year_cell_0_28_20 Fiscal year_cell_0_28_21 Fiscal year_cell_0_28_22
PortugalFiscal year_cell_0_29_0 Fiscal year_cell_0_29_2 Fiscal year_cell_0_29_3 Fiscal year_cell_0_29_4 Fiscal year_cell_0_29_5 Fiscal year_cell_0_29_6 Fiscal year_cell_0_29_7 Fiscal year_cell_0_29_8 Fiscal year_cell_0_29_20 Fiscal year_cell_0_29_21 Fiscal year_cell_0_29_22
QatarFiscal year_cell_0_30_0 Fiscal year_cell_0_30_2 Fiscal year_cell_0_30_3 Fiscal year_cell_0_30_4 Fiscal year_cell_0_30_5 Fiscal year_cell_0_30_6 Fiscal year_cell_0_30_7 Fiscal year_cell_0_30_8 Fiscal year_cell_0_30_20 Fiscal year_cell_0_30_21 Fiscal year_cell_0_30_22
Republic of IrelandFiscal year_cell_0_31_0 Fiscal year_cell_0_31_2 Fiscal year_cell_0_31_3 Fiscal year_cell_0_31_4 Fiscal year_cell_0_31_5 Fiscal year_cell_0_31_6 Fiscal year_cell_0_31_7 Fiscal year_cell_0_31_8 Fiscal year_cell_0_31_20 Fiscal year_cell_0_31_21 Fiscal year_cell_0_31_22
RomaniaFiscal year_cell_0_32_0 Fiscal year_cell_0_32_2 Fiscal year_cell_0_32_3 Fiscal year_cell_0_32_4 Fiscal year_cell_0_32_5 Fiscal year_cell_0_32_6 Fiscal year_cell_0_32_7 Fiscal year_cell_0_32_8 Fiscal year_cell_0_32_20 Fiscal year_cell_0_32_21 Fiscal year_cell_0_32_22
RussiaFiscal year_cell_0_33_0 Fiscal year_cell_0_33_2 Fiscal year_cell_0_33_3 Fiscal year_cell_0_33_4 Fiscal year_cell_0_33_5 Fiscal year_cell_0_33_6 Fiscal year_cell_0_33_7 Fiscal year_cell_0_33_8 Fiscal year_cell_0_33_20 Fiscal year_cell_0_33_21 Fiscal year_cell_0_33_22
SingaporeFiscal year_cell_0_34_0 governmentFiscal year_cell_0_34_1 Fiscal year_cell_0_34_2 Fiscal year_cell_0_34_3 Fiscal year_cell_0_34_4 Fiscal year_cell_0_34_5 Fiscal year_cell_0_34_6 Fiscal year_cell_0_34_7 Fiscal year_cell_0_34_8 Fiscal year_cell_0_34_9 Fiscal year_cell_0_34_10 Fiscal year_cell_0_34_11
personalFiscal year_cell_0_35_0 Fiscal year_cell_0_35_1 Fiscal year_cell_0_35_2 Fiscal year_cell_0_35_3 Fiscal year_cell_0_35_4 Fiscal year_cell_0_35_5 Fiscal year_cell_0_35_6 Fiscal year_cell_0_35_7 Fiscal year_cell_0_35_19 Fiscal year_cell_0_35_20 Fiscal year_cell_0_35_21
South AfricaFiscal year_cell_0_36_0 Fiscal year_cell_0_36_2 Fiscal year_cell_0_36_3 Fiscal year_cell_0_36_4 Fiscal year_cell_0_36_5 Fiscal year_cell_0_36_6 Fiscal year_cell_0_36_7 Fiscal year_cell_0_36_8 Fiscal year_cell_0_36_9 Fiscal year_cell_0_36_10 Fiscal year_cell_0_36_11
South KoreaFiscal year_cell_0_37_0 Fiscal year_cell_0_37_2 Fiscal year_cell_0_37_3 Fiscal year_cell_0_37_4 Fiscal year_cell_0_37_5 Fiscal year_cell_0_37_6 Fiscal year_cell_0_37_7 Fiscal year_cell_0_37_8 Fiscal year_cell_0_37_20 Fiscal year_cell_0_37_21 Fiscal year_cell_0_37_22
SpainFiscal year_cell_0_38_0 Fiscal year_cell_0_38_2 Fiscal year_cell_0_38_3 Fiscal year_cell_0_38_4 Fiscal year_cell_0_38_5 Fiscal year_cell_0_38_6 Fiscal year_cell_0_38_7 Fiscal year_cell_0_38_8 Fiscal year_cell_0_38_20 Fiscal year_cell_0_38_21 Fiscal year_cell_0_38_22
SwedenFiscal year_cell_0_39_0 personalFiscal year_cell_0_39_1 Fiscal year_cell_0_39_2 Fiscal year_cell_0_39_3 Fiscal year_cell_0_39_4 Fiscal year_cell_0_39_5 Fiscal year_cell_0_39_6 Fiscal year_cell_0_39_7 Fiscal year_cell_0_39_8 Fiscal year_cell_0_39_20 Fiscal year_cell_0_39_21 Fiscal year_cell_0_39_22
corporateFiscal year_cell_0_40_0 Fiscal year_cell_0_40_1 Fiscal year_cell_0_40_2 Fiscal year_cell_0_40_3 Fiscal year_cell_0_40_4 Fiscal year_cell_0_40_5 Fiscal year_cell_0_40_6 Fiscal year_cell_0_40_7 Fiscal year_cell_0_40_19 Fiscal year_cell_0_40_20 Fiscal year_cell_0_40_21
SwitzerlandFiscal year_cell_0_41_0 Fiscal year_cell_0_41_1 Fiscal year_cell_0_41_2 Fiscal year_cell_0_41_3 Fiscal year_cell_0_41_4 Fiscal year_cell_0_41_5 Fiscal year_cell_0_41_6 Fiscal year_cell_0_41_7 Fiscal year_cell_0_41_8 Fiscal year_cell_0_41_20 Fiscal year_cell_0_41_21 Fiscal year_cell_0_41_22
TaiwanFiscal year_cell_0_42_0 Fiscal year_cell_0_42_1 Fiscal year_cell_0_42_2 Fiscal year_cell_0_42_3 Fiscal year_cell_0_42_4 Fiscal year_cell_0_42_5 Fiscal year_cell_0_42_6 Fiscal year_cell_0_42_7 Fiscal year_cell_0_42_8 Fiscal year_cell_0_42_20 Fiscal year_cell_0_42_21 Fiscal year_cell_0_42_22
ThailandFiscal year_cell_0_43_0 Fiscal year_cell_0_43_2 Fiscal year_cell_0_43_3 Fiscal year_cell_0_43_4 Fiscal year_cell_0_43_5 Fiscal year_cell_0_43_17 Fiscal year_cell_0_43_18 Fiscal year_cell_0_43_19 Fiscal year_cell_0_43_20 Fiscal year_cell_0_43_21 Fiscal year_cell_0_43_22
TurkeyFiscal year_cell_0_44_0 Fiscal year_cell_0_44_2 Fiscal year_cell_0_44_3 Fiscal year_cell_0_44_4 Fiscal year_cell_0_44_5 Fiscal year_cell_0_44_6 Fiscal year_cell_0_44_7 Fiscal year_cell_0_44_8 Fiscal year_cell_0_44_20 Fiscal year_cell_0_44_21 Fiscal year_cell_0_44_22
United Arab EmiratesFiscal year_cell_0_45_0 Fiscal year_cell_0_45_2 Fiscal year_cell_0_45_3 Fiscal year_cell_0_45_4 Fiscal year_cell_0_45_5 Fiscal year_cell_0_45_6 Fiscal year_cell_0_45_7 Fiscal year_cell_0_45_8 Fiscal year_cell_0_45_20 Fiscal year_cell_0_45_21 Fiscal year_cell_0_45_22
United KingdomFiscal year_cell_0_46_0 personalFiscal year_cell_0_46_1 Fiscal year_cell_0_46_2 Fiscal year_cell_0_46_3 Fiscal year_cell_0_46_4 Fiscal year_cell_0_46_5 Fiscal year_cell_0_46_6 Fiscal year_cell_0_46_7 Fiscal year_cell_0_46_8 Fiscal year_cell_0_46_9 Fiscal year_cell_0_46_10 6 AprilFiscal year_cell_0_46_11
corporate/governmentFiscal year_cell_0_47_0 Fiscal year_cell_0_47_1 Fiscal year_cell_0_47_2 Fiscal year_cell_0_47_3 Fiscal year_cell_0_47_4 Fiscal year_cell_0_47_5 Fiscal year_cell_0_47_6 Fiscal year_cell_0_47_7 Fiscal year_cell_0_47_8 Fiscal year_cell_0_47_9 Fiscal year_cell_0_47_10
United StatesFiscal year_cell_0_48_0 federalFiscal year_cell_0_48_1 Fiscal year_cell_0_48_2 Fiscal year_cell_0_48_3 Fiscal year_cell_0_48_4 Fiscal year_cell_0_48_5 Fiscal year_cell_0_48_17 Fiscal year_cell_0_48_18 Fiscal year_cell_0_48_19 Fiscal year_cell_0_48_20 Fiscal year_cell_0_48_21 Fiscal year_cell_0_48_22
most statesFiscal year_cell_0_49_0 Fiscal year_cell_0_49_1 Fiscal year_cell_0_49_13 Fiscal year_cell_0_49_14 Fiscal year_cell_0_49_15 Fiscal year_cell_0_49_16 Fiscal year_cell_0_49_17 Fiscal year_cell_0_49_18 Fiscal year_cell_0_49_19 Fiscal year_cell_0_49_20 Fiscal year_cell_0_49_21
corporate/personalFiscal year_cell_0_50_0 Fiscal year_cell_0_50_1 Fiscal year_cell_0_50_2 Fiscal year_cell_0_50_3 Fiscal year_cell_0_50_4 Fiscal year_cell_0_50_5 Fiscal year_cell_0_50_6 Fiscal year_cell_0_50_7 Fiscal year_cell_0_50_19 Fiscal year_cell_0_50_20 Fiscal year_cell_0_50_21
CountryFiscal year_header_cell_0_51_0 PurposeFiscal year_header_cell_0_51_1 (Jul)Fiscal year_header_cell_0_51_2 (Aug)Fiscal year_header_cell_0_51_3 (Sep)Fiscal year_header_cell_0_51_4 (Oct)Fiscal year_header_cell_0_51_5 (Nov)Fiscal year_header_cell_0_51_6 (Dec)Fiscal year_header_cell_0_51_7 JanFiscal year_header_cell_0_51_8 FebFiscal year_header_cell_0_51_9 MarFiscal year_header_cell_0_51_10 AprFiscal year_header_cell_0_51_11 MayFiscal year_header_cell_0_51_12 JunFiscal year_header_cell_0_51_13 JulFiscal year_header_cell_0_51_14 AugFiscal year_header_cell_0_51_15 SepFiscal year_header_cell_0_51_16 OctFiscal year_header_cell_0_51_17 NovFiscal year_header_cell_0_51_18 DecFiscal year_header_cell_0_51_19 (Jan)Fiscal year_header_cell_0_51_20 (Feb)Fiscal year_header_cell_0_51_21 (Mar)Fiscal year_header_cell_0_51_22

Tax year Fiscal year_section_1

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. Fiscal year_sentence_17

Taxpayers in many jurisdictions may choose their tax year. Fiscal year_sentence_18

Some federal countries, such as Canada and Switzerland, require the provincial or cantonal tax year to align with the federal year. Fiscal year_sentence_19

In the United States, most states retained a 30 June fiscal year-end date when the federal government switched to 30 September in 1976. Fiscal year_sentence_20

Nearly all jurisdictions require that the tax year be 12 months or 52/53 weeks. Fiscal year_sentence_21

However, short years are permitted as the first year or when changing tax years. Fiscal year_sentence_22

Most countries require all individuals to pay income tax based on the calendar year. Fiscal year_sentence_23

Significant exceptions include: Fiscal year_sentence_24

Fiscal year_unordered_list_0

Many jurisdictions require that the tax year conform to the taxpayer's fiscal year for financial reporting. Fiscal year_sentence_25

The United States is a notable exception: taxpayers may choose any tax year, but must keep books and records for such year. Fiscal year_sentence_26

Operation in various countries/region Fiscal year_section_2

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. Fiscal year_sentence_27

Afghanistan Fiscal year_section_3

In Afghanistan, the fiscal year was changed from 1 Hamal – 29 Hoot (21 – 20 March) to 1 Jadi – 30 Qaws (21 – 20 December) in 2011. Fiscal year_sentence_28

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. Fiscal year_sentence_29

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. Fiscal year_sentence_30

Correspondence of Solar Hijri and Gregorian calendars (Solar Hijri leap years are marked *) Fiscal year_sentence_31

Fiscal year_table_general_1

33-year
cycleFiscal year_header_cell_1_0_0
Solar Hijri yearFiscal year_header_cell_1_0_1 Gregorian yearFiscal year_header_cell_1_0_2 Solar Hijri yearFiscal year_header_cell_1_0_3 Gregorian yearFiscal year_header_cell_1_0_4
1Fiscal year_cell_1_1_0 1354*Fiscal year_cell_1_1_1 21 March 1975 – 20 March 1976Fiscal year_cell_1_1_2 1387*Fiscal year_cell_1_1_3 20 March 2008 – 20 March 2009Fiscal year_cell_1_1_4
2Fiscal year_cell_1_2_0 1355Fiscal year_cell_1_2_1 21 March 1976 – 20 March 1977Fiscal year_cell_1_2_2 1388Fiscal year_cell_1_2_3 21 March 2009 – 20 March 2010Fiscal year_cell_1_2_4
3Fiscal year_cell_1_3_0 1356Fiscal year_cell_1_3_1 21 March 1977 – 20 March 1978Fiscal year_cell_1_3_2 1389Fiscal year_cell_1_3_3 21 March 2010 – 20 March 2011Fiscal year_cell_1_3_4
4Fiscal year_cell_1_4_0 1357Fiscal year_cell_1_4_1 21 March 1978 – 20 March 1979Fiscal year_cell_1_4_2 1390Fiscal year_cell_1_4_3 21 March 2011 – 19 March 2012Fiscal year_cell_1_4_4
5Fiscal year_cell_1_5_0 1358*Fiscal year_cell_1_5_1 21 March 1979 – 20 March 1980Fiscal year_cell_1_5_2 1391*Fiscal year_cell_1_5_3 20 March 2012 – 20 March 2013Fiscal year_cell_1_5_4
6Fiscal year_cell_1_6_0 1359Fiscal year_cell_1_6_1 21 March 1980 – 20 March 1981Fiscal year_cell_1_6_2 1392Fiscal year_cell_1_6_3 21 March 2013 – 20 March 2014Fiscal year_cell_1_6_4
7Fiscal year_cell_1_7_0 1360Fiscal year_cell_1_7_1 21 March 1981 – 20 March 1982Fiscal year_cell_1_7_2 1393Fiscal year_cell_1_7_3 21 March 2014 – 20 March 2015Fiscal year_cell_1_7_4
8Fiscal year_cell_1_8_0 1361Fiscal year_cell_1_8_1 21 March 1982 – 20 March 1983Fiscal year_cell_1_8_2 1394Fiscal year_cell_1_8_3 21 March 2015 – 19 March 2016Fiscal year_cell_1_8_4
9Fiscal year_cell_1_9_0 1362*Fiscal year_cell_1_9_1 21 March 1983 – 20 March 1984Fiscal year_cell_1_9_2 1395*Fiscal year_cell_1_9_3 20 March 2016 – 20 March 2017Fiscal year_cell_1_9_4
10Fiscal year_cell_1_10_0 1363Fiscal year_cell_1_10_1 21 March 1984 – 20 March 1985Fiscal year_cell_1_10_2 1396Fiscal year_cell_1_10_3 21 March 2017 – 20 March 2018Fiscal year_cell_1_10_4
11Fiscal year_cell_1_11_0 1364Fiscal year_cell_1_11_1 21 March 1985 – 20 March 1986Fiscal year_cell_1_11_2 1397Fiscal year_cell_1_11_3 21 March 2018 – 20 March 2019Fiscal year_cell_1_11_4
12Fiscal year_cell_1_12_0 1365Fiscal year_cell_1_12_1 21 March 1986 – 20 March 1987Fiscal year_cell_1_12_2 1398Fiscal year_cell_1_12_3 21 March 2019 – 19 March 2020Fiscal year_cell_1_12_4
13Fiscal year_cell_1_13_0 1366*Fiscal year_cell_1_13_1 21 March 1987 – 20 March 1988Fiscal year_cell_1_13_2 1399*Fiscal year_cell_1_13_3 20 March 2020 – 20 March 2021Fiscal year_cell_1_13_4
14Fiscal year_cell_1_14_0 1367Fiscal year_cell_1_14_1 21 March 1988 – 20 March 1989Fiscal year_cell_1_14_2 1400Fiscal year_cell_1_14_3 21 March 2021 – 20 March 2022Fiscal year_cell_1_14_4
15Fiscal year_cell_1_15_0 1368Fiscal year_cell_1_15_1 21 March 1989 – 20 March 1990Fiscal year_cell_1_15_2 1401Fiscal year_cell_1_15_3 21 March 2022 – 20 March 2023Fiscal year_cell_1_15_4
16Fiscal year_cell_1_16_0 1369Fiscal year_cell_1_16_1 21 March 1990 – 20 March 1991Fiscal year_cell_1_16_2 1402Fiscal year_cell_1_16_3 21 March 2023 – 19 March 2024Fiscal year_cell_1_16_4
17Fiscal year_cell_1_17_0 1370*Fiscal year_cell_1_17_1 21 March 1991 – 20 March 1992Fiscal year_cell_1_17_2 1403*Fiscal year_cell_1_17_3 20 March 2024 – 20 March 2025Fiscal year_cell_1_17_4
18Fiscal year_cell_1_18_0 1371Fiscal year_cell_1_18_1 21 March 1992 – 20 March 1993Fiscal year_cell_1_18_2 1404Fiscal year_cell_1_18_3 21 March 2025 – 20 March 2026Fiscal year_cell_1_18_4
19Fiscal year_cell_1_19_0 1372Fiscal year_cell_1_19_1 21 March 1993 – 20 March 1994Fiscal year_cell_1_19_2 1405Fiscal year_cell_1_19_3 21 March 2026 – 20 March 2027Fiscal year_cell_1_19_4
20Fiscal year_cell_1_20_0 1373Fiscal year_cell_1_20_1 21 March 1994 – 20 March 1995Fiscal year_cell_1_20_2 1406Fiscal year_cell_1_20_3 21 March 2027 – 19 March 2028Fiscal year_cell_1_20_4
21Fiscal year_cell_1_21_0 1374Fiscal year_cell_1_21_1 21 March 1995 – 19 March 1996Fiscal year_cell_1_21_2 1407Fiscal year_cell_1_21_3 20 March 2028 – 19 March 2029Fiscal year_cell_1_21_4
22Fiscal year_cell_1_22_0 1375*Fiscal year_cell_1_22_1 20 March 1996 – 20 March 1997Fiscal year_cell_1_22_2 1408*Fiscal year_cell_1_22_3 20 March 2029 – 20 March 2030Fiscal year_cell_1_22_4
23Fiscal year_cell_1_23_0 1376Fiscal year_cell_1_23_1 21 March 1997 – 20 March 1998Fiscal year_cell_1_23_2 1409Fiscal year_cell_1_23_3 21 March 2030 – 20 March 2031Fiscal year_cell_1_23_4
24Fiscal year_cell_1_24_0 1377Fiscal year_cell_1_24_1 21 March 1998 – 20 March 1999Fiscal year_cell_1_24_2 1410Fiscal year_cell_1_24_3 21 March 2031 – 19 March 2032Fiscal year_cell_1_24_4
25Fiscal year_cell_1_25_0 1378Fiscal year_cell_1_25_1 21 March 1999 – 19 March 2000Fiscal year_cell_1_25_2 1411Fiscal year_cell_1_25_3 20 March 2032 – 19 March 2033Fiscal year_cell_1_25_4
26Fiscal year_cell_1_26_0 1379*Fiscal year_cell_1_26_1 20 March 2000 – 20 March 2001Fiscal year_cell_1_26_2 1412*Fiscal year_cell_1_26_3 20 March 2033 – 20 March 2034Fiscal year_cell_1_26_4
27Fiscal year_cell_1_27_0 1380Fiscal year_cell_1_27_1 21 March 2001 – 20 March 2002Fiscal year_cell_1_27_2 1413Fiscal year_cell_1_27_3 21 March 2034 – 20 March 2035Fiscal year_cell_1_27_4
28Fiscal year_cell_1_28_0 1381Fiscal year_cell_1_28_1 21 March 2002 – 20 March 2003Fiscal year_cell_1_28_2 1414Fiscal year_cell_1_28_3 21 March 2035 – 19 March 2036Fiscal year_cell_1_28_4
29Fiscal year_cell_1_29_0 1382Fiscal year_cell_1_29_1 21 March 2003 – 19 March 2004Fiscal year_cell_1_29_2 1415Fiscal year_cell_1_29_3 20 March 2036 – 19 March 2037Fiscal year_cell_1_29_4
30Fiscal year_cell_1_30_0 1383*Fiscal year_cell_1_30_1 20 March 2004 – 20 March 2005Fiscal year_cell_1_30_2 1416*Fiscal year_cell_1_30_3 20 March 2037 – 20 March 2038Fiscal year_cell_1_30_4
31Fiscal year_cell_1_31_0 1384Fiscal year_cell_1_31_1 21 March 2005 – 20 March 2006Fiscal year_cell_1_31_2 1417Fiscal year_cell_1_31_3 21 March 2038 – 20 March 2039Fiscal year_cell_1_31_4
32Fiscal year_cell_1_32_0 1385Fiscal year_cell_1_32_1 21 March 2006 – 20 March 2007Fiscal year_cell_1_32_2 1418Fiscal year_cell_1_32_3 21 March 2039 – 19 March 2040Fiscal year_cell_1_32_4
33Fiscal year_cell_1_33_0 1386Fiscal year_cell_1_33_1 21 March 2007 – 19 March 2008Fiscal year_cell_1_33_2 1419Fiscal year_cell_1_33_3 20 March 2040 – 19 March 2041Fiscal year_cell_1_33_4

Australia Fiscal year_section_4

In Australia, a fiscal year is commonly called a "financial year" (FY) and starts on 1 July and ends on the next 30 June. Fiscal year_sentence_32

Financial years are designated by the calendar year of the second half of the period. Fiscal year_sentence_33

For example, financial year 2017 is the 12-month period ending on 30 June 2017 and can be referred to as FY2016/17. Fiscal year_sentence_34

It is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises. Fiscal year_sentence_35

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. Fiscal year_sentence_36

All entities within the one group must use the same financial year. Fiscal year_sentence_37

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. Fiscal year_sentence_38

The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901. Fiscal year_sentence_39

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. Fiscal year_sentence_40

The Financial year is split into the following four-quarters Fiscal year_sentence_41

Fiscal year_table_general_2

QuarterFiscal year_header_cell_2_0_0 Period coveredFiscal year_header_cell_2_0_1
Quarter 1Fiscal year_cell_2_1_0 1 Jul – 30 SepFiscal year_cell_2_1_1
Quarter 2Fiscal year_cell_2_2_0 1 Oct – 31 DecFiscal year_cell_2_2_1
Quarter 3Fiscal year_cell_2_3_0 1 Jan – 31 MarFiscal year_cell_2_3_1
Quarter 4Fiscal year_cell_2_4_0 1 Apr – 30 JunFiscal year_cell_2_4_1

Austria Fiscal year_section_5

In Austria the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_42

Bangladesh Fiscal year_section_6

In Bangladesh, the fiscal year is 1 July to the next 30 June. Fiscal year_sentence_43

Belarus Fiscal year_section_7

In Belarus, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_44

Brazil Fiscal year_section_8

In Brazil, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_45

Bulgaria Fiscal year_section_9

In Bulgaria, the fiscal year is the calendar year, 1 January to 31 December, both for personal income tax and for corporate taxes. Fiscal year_sentence_46

Canada Fiscal year_section_10

In Canada, the government's financial year is 1 April to 31 March. Fiscal year_sentence_47

(Q1 1 April - 30 June, Q2 1 July - 30 Sept, Q3 1 Oct - 31 Dec and Q4 1 Jan - 31 Mar) Fiscal year_sentence_48

For individual taxpayers, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_49

China Fiscal year_section_11

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. Fiscal year_sentence_50

Colombia Fiscal year_section_12

In Colombia, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_51

Costa Rica Fiscal year_section_13

In Costa Rica, the fiscal year is 1 October to 30 September. Fiscal year_sentence_52

Egypt Fiscal year_section_14

In the Arab Republic of Egypt, the fiscal year is 1 July to 30 June. Fiscal year_sentence_53

France Fiscal year_section_15

In France, the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911. Fiscal year_sentence_54

Greece Fiscal year_section_16

In Greece, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_55

Hong Kong Fiscal year_section_17

In Hong Kong, the government's financial year runs from 1 April to 31 March. Fiscal year_sentence_56

However, a company incorporated in Hong Kong can determine its own financial year-end, which may be different from the government fiscal year. Fiscal year_sentence_57

India Fiscal year_section_18

In India, the government's financial year runs from 1 April to 31 March. Fiscal year_sentence_58

It is abbreviated as a FY21. Fiscal year_sentence_59

Companies following the Indian Depositary Receipt (IDR) are given freedom to choose their financial year. Fiscal year_sentence_60

For example, Standard Chartered's IDR follows the UK calendar despite being listed in India. Fiscal year_sentence_61

Companies following Indian fiscal year get to know their economical health on 31 March of every Indian financial or fiscal year. Fiscal year_sentence_62

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. Fiscal year_sentence_63

Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April. Fiscal year_sentence_64

In 1984, the LK Jha committee recommended adopting a fiscal year that ran from 1 January to 31 December. Fiscal year_sentence_65

However, this proposal was not adopted by the government fearing possible issues during the transition period. Fiscal year_sentence_66

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. Fiscal year_sentence_67

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. Fiscal year_sentence_68

But later it dropped the idea. Fiscal year_sentence_69

Indonesia Fiscal year_section_19

In Indonesia, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_70

Iran Fiscal year_section_20

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 Fiscal year_sentence_71

Ireland Fiscal year_section_21

Until 2001, the fiscal year in Ireland was the year ending 5 April, as in the United Kingdom. Fiscal year_sentence_72

From 2002, to coincide with the introduction of the euro, it was changed to the calendar year, 1 January to 31 December. Fiscal year_sentence_73

The 2001 tax year was nine months, from April to December. Fiscal year_sentence_74

Israel Fiscal year_section_22

In Israel, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_75

Italy Fiscal year_section_23

In Italy, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_76

It was changed in 1965, before which it was 1 July to 30 June. Fiscal year_sentence_77

Japan Fiscal year_section_24

In Japan the government's financial year is from 1 April to 31 March. Fiscal year_sentence_78

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 2020 to 31 March 2021 is called 2020–nendo. Fiscal year_sentence_79

Japan's income tax year is 1 January to 31 December, but corporate tax is charged according to the corporation's own annual period. Fiscal year_sentence_80

Macau Fiscal year_section_25

In Macau, the government's financial year is 1 January to 31 December. Fiscal year_sentence_81

Mexico Fiscal year_section_26

In Mexico, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_82

Myanmar/Burma Fiscal year_section_27

In Myanmar, the fiscal year is 1 October to 30 September. Fiscal year_sentence_83

Nepal Fiscal year_section_28

In Nepal, the fiscal year is 1 Shrawan (4th month of the Bikram calendar) to 31 Ashad (3rd month of Bikram calendar). Fiscal year_sentence_84

Shrawan 1 roughly falls in mid-July. Fiscal year_sentence_85

F/Y - 2071/2072 - FROM 01 SHRAWAN 2073 TO 31 ASHADH 2074 TOTAL DAYS = 365 DAYS (52 WEEKS AND 1 DAY) Fiscal year_sentence_86

F/Y - 2072/2073 - FROM 01 SHRAWAN 2073 TO 31 ASHADH 2074 TOTAL DAYS = 364 DAYS (52 WEEKS) Fiscal year_sentence_87

F/Y - 2073/2074 - FROM 01 SHRAWAN 2073 TO 31 ASHADH 2074 TOTAL DAYS = 364 DAYS (52 WEEKS) Fiscal year_sentence_88

F/Y - 2074/2075 - FROM 01 SHRAWAN 2074 TO 31 ASHADH 2075 TOTAL DAYS = 364 DAYS (52 WEEKS) Fiscal year_sentence_89

F/Y - 2075/2076 - FROM 01 SHRAWAN 2075 TO 31 ASHADH 2076 TOTAL DAYS = 365 DAYS (52 WEEKS AND 1 DAY) Fiscal year_sentence_90

F/Y - 2076/2077 - FROM 01 SHRAWAN 2076 TO 31 ASHADH 2077 TOTAL DAYS = 364 DAYS (52 WEEKS) Fiscal year_sentence_91

New Zealand Fiscal year_section_29

In New Zealand, the government's fiscal and financial reporting year is 1 July to the next 30 June and applies also to the budget. Fiscal year_sentence_92

The company and personal financial year is 1 April to 31 March and applies to company and personal income tax. Fiscal year_sentence_93

Pakistan Fiscal year_section_30

The Pakistani government's fiscal year is 1 July of the previous calendar year and concludes on 30 June. Fiscal year_sentence_94

Private companies are free to observe their own accounting year, which may not be the same as government's fiscal year. Fiscal year_sentence_95

Poland Fiscal year_section_31

In Poland, the fiscal year is from 1 January to 31 December. Fiscal year_sentence_96

Portugal Fiscal year_section_32

In Portugal, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_97

Qatar Fiscal year_section_33

In Qatar, the fiscal year is from 1 January to 31 December. Fiscal year_sentence_98

Romania Fiscal year_section_34

In Romania, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_99

Russia Fiscal year_section_35

In Russia, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_100

Singapore Fiscal year_section_36

The fiscal year for the calculation of personal income taxes is 1 January to 31 December. Fiscal year_sentence_101

The fiscal year for the Government of Singapore and many government-linked corporations is 1 April to 31 March. Fiscal year_sentence_102

Corporations and organisations are permitted to select any date as the end of each fiscal year, as long as this date remains constant. Fiscal year_sentence_103

However, new companies should consciously choose their financial year end to stretch as much as a duration of 12 months as possible. Fiscal year_sentence_104

South Africa Fiscal year_section_37

In South Africa, the fiscal year for the Government of South Africa is 1 April to 31 March. Fiscal year_sentence_105

The year of assessment for individuals covers twelve months, 1 March to the final day of February the following year. Fiscal year_sentence_106

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. Fiscal year_sentence_107

Companies are permitted to have a tax year ending on a date that coincides with their financial year. Fiscal year_sentence_108

Many older companies still use a tax year that runs from 1 July to 30 June, inherited from the British system. Fiscal year_sentence_109

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. Fiscal year_sentence_110

South Korea Fiscal year_section_38

In South Korea, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_111

Spain Fiscal year_section_39

In Spain, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_112

Sweden Fiscal year_section_40

In Sweden, the fiscal year for individuals is the calendar year, 1 January to 31 December. Fiscal year_sentence_113

The fiscal year for an organisation is typically one of the following: Fiscal year_sentence_114

Fiscal year_unordered_list_1

  • 1 January to 31 DecemberFiscal year_item_1_3
  • 1 May to 30 AprilFiscal year_item_1_4
  • 1 July to 30 JuneFiscal year_item_1_5
  • 1 September to 31 AugustFiscal year_item_1_6

However, all calendar months are allowed. Fiscal year_sentence_115

If an organisation wishes to change into a non-calendar year, permission from the Tax Authority is required. Fiscal year_sentence_116

Switzerland Fiscal year_section_41

In Switzerland, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_117

Taiwan Fiscal year_section_42

Taiwan, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_118

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. Fiscal year_sentence_119

Thailand Fiscal year_section_43

In Thailand, the government's fiscal year (FY) is 1 October to 30 September of the following year. Fiscal year_sentence_120

For individual taxpayers it is the calendar year, 1 January to 31 December. Fiscal year_sentence_121

Turkey Fiscal year_section_44

In Turkey, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_122

Ukraine Fiscal year_section_45

In Ukraine, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_123

United Arab Emirates Fiscal year_section_46

In the United Arab Emirates, the fiscal year is the calendar year, 1 January to 31 December. Fiscal year_sentence_124

United Kingdom Fiscal year_section_47

In the United Kingdom, the financial year runs from 1 April to 31 March for the purposes of government financial statements. Fiscal year_sentence_125

For personal tax purposes the fiscal year starts on 6 April and ends on 5 April of the next calendar year. Fiscal year_sentence_126

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. Fiscal year_sentence_127

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. Fiscal year_sentence_128

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). Fiscal year_sentence_129

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. Fiscal year_sentence_130

At first sight the addition of eleven days to 25 March results in a tax year beginning on 5 April. Fiscal year_sentence_131

However, the tax year previously actually began on 26 March. Fiscal year_sentence_132

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. Fiscal year_sentence_133

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 Why the United Kingdom income tax year begins on 6 April. Fiscal year_sentence_134

United States Fiscal year_section_48

Federal government Fiscal year_section_49

The United States federal government's fiscal year is the 12-month period beginning 1 October and ending 30 September the following year. Fiscal year_sentence_135

The identification of a fiscal year is the calendar year in which it ends; thus, the current fiscal year is 2021, often written as "FY2021" or "FY21", which began on 1 October 2020 and will end on 30 September 2021. Fiscal year_sentence_136

Prior to 1976, the fiscal year began on 1 July and ended on 30 June. Fiscal year_sentence_137

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. Fiscal year_sentence_138

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. Fiscal year_sentence_139

For example, the United States government fiscal year for 2021 is: Fiscal year_sentence_140

Fiscal year_unordered_list_2

  • 1st quarter: 1 October 2020 – 31 December 2020Fiscal year_item_2_7
  • 2nd quarter: 1 January 2021 – 31 March 2021Fiscal year_item_2_8
  • 3rd quarter: 1 April 2021 – 30 June 2021Fiscal year_item_2_9
  • 4th quarter: 1 July 2021 – 30 September 2021Fiscal year_item_2_10

State governments Fiscal year_section_50

State governments set their own fiscal year. Fiscal year_sentence_141

Forty-six of the fifty states set their fiscal year to end on 30 June. Fiscal year_sentence_142

Four states have fiscal years that end on a different date: Fiscal year_sentence_143

Fiscal year_unordered_list_3

  • Alabama, ends 30 SeptemberFiscal year_item_3_11
  • Michigan, ends 30 SeptemberFiscal year_item_3_12
  • New York, ends 31 MarchFiscal year_item_3_13
  • Texas, ends 31 AugustFiscal year_item_3_14

The fiscal year for the Washington, D.C., government ends on 30 September. Fiscal year_sentence_144

Among the inhabited territories of the United States, most align with the federal fiscal year, ending on 30 September. Fiscal year_sentence_145

These include American Samoa, Guam, the Northern Mariana Islands and the U.S. Fiscal year_sentence_146 Virgin Islands. Fiscal year_sentence_147

Puerto Rico is the exception, with its fiscal year ending on 30 June. Fiscal year_sentence_148

Businesses and organizations Fiscal year_section_51

The tax year for a business is governed by the fiscal year it chooses. Fiscal year_sentence_149

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. Fiscal year_sentence_150

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. Fiscal year_sentence_151

See also Fiscal year_section_52

Fiscal year_unordered_list_4


Credits to the contents of this page go to the authors of the corresponding Wikipedia page: en.wikipedia.org/wiki/Fiscal year.