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 US 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.
Afghanistan In
Afghanistan, from 2011 to 2021, the fiscal year began on 1
Hamal (20th or 21 March). The fiscal year aligned with the Persian or
Solar Hijri calendar used in Afghanistan at the time.
Australia In
Australia, a fiscal year is commonly called a "financial year" (FY), and starts on 1 July, ending on 30 June the next year. Financial years are designated by the calendar year of the second half of the period. For example, financial year is the 12-month period ending on 30 June and can be referred to as FY/. It is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises. 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.
Austria In
Austria, the fiscal year is the calendar year, 1 January to 31 December.
Bangladesh In
Bangladesh, the fiscal year is 1 July to the next 30 June.
Belarus In
Belarus, the fiscal year is the calendar year, 1 January to 31 December.
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 and for corporate taxes.
Canada In
Canada, 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.
Colombia In
Colombia, the fiscal year is the calendar year, 1 January to 31 December.
Costa Rica In
Costa Rica, the fiscal year is the calendar year. January to December. As of 2019 when the tax laws changed.
Egypt In
Egypt, the fiscal year is 1 July to 30 June.
France In
France, the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911.
Germany In Germany, the fiscal year runs from 1 January until 31 December.
Greece 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. 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 the following year. The financial year from 1 April to 31 March would generally be abbreviated as FY – or( FY-) ( FY/),(FY/),(FY/), but it may also be called FY or FY on the basis of the ending year. 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. Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April. 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 due to many financial and accounting errors.
Indonesia In
Indonesia, since 2001, the fiscal year is the calendar year, 1 January to 31 December. Until 2000, the fiscal year ran from 1 April to 31 March; fiscal year 2000 ran from 1 April to 31 December.
Iran In
Iran, the fiscal year usually starts on 21st or 22 March (1st of
Farvardin in the
Solar Hejri calendar) and concludes on next year's 20th or 21 March (29th or 30th of
Esfand in the
Solar Hijri calendar).
Ireland 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.
Israel In
Israel, the fiscal year is the calendar year, 1 January to 31 December.
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.
Japan In
Japan, the government's financial year is from 1 April to 31 March. Japan's
income tax year is 1 January to 31 December, but
corporate tax is charged according to the corporation's own annual period; most Japanese corporations elect their annual period to follow the government fiscal year (1 April to 31 March).
Lithuania In
Lithuania, the fiscal year is the calendar year, 1 January to 31 December.
Macau In
Macau, the government's financial year is 1 January to 31 December.
Malaysia In
Malaysia, the tax year for individuals is the calendar year, from 1 January to 31 December. The Companies Act 2016 does not state when the fiscal year must start for companies, so businesses are free to choose a financial year-end date. Private businesses usually choose the last day of the calendar year or the last day of the quarter for their financial year end. Generally, the government releases the annual
federal budget in October, ahead of the fiscal year.
Mexico In
Mexico, the fiscal year is the calendar year, 1 January to 31 December.
Moldova In
Moldova, the fiscal year is the calendar year, 1 January to 31 December.
Mongolia In Mongolia, the fiscal year is the calendar year, 1 January to 31 December.
Myanmar/Burma In
Myanmar, the fiscal year is 1 April to 31 March.
Nepal In
Nepal, the fiscal year is 16 July (29
Dilā in
Nepal Sambat) to 15 July (28 Dilā in Nepal Sambat).
New Zealand 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. The company and personal financial year is 1 April to 31 March and applies to company and personal income tax.
Pakistan 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.
Philippines In the
Philippines, the government's fiscal year is the calendar year, from 1 January to 31 December. The accounting period for the private sector must follow a 12-month fiscal period which can or can not be synchronized with the calendar year. Most Philippine companies end their fiscal years in December or March.
Poland In
Poland, the fiscal year is the calendar year, 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.
Russia In
Russia, the fiscal year is the calendar year, 1 January to 31 December.
Singapore In
Singapore, the fiscal year for the calculation of
personal income taxes is 1 January to 31 December. The fiscal year for the
Government of Singapore and many
government-linked corporations is 1 April to 31 March.
South Africa In
South Africa, the financial year for the
Government of South Africa is 1 April to 31 March.
Spain In
Spain, the fiscal year is the calendar year, 1 January to 31 December.
Sweden In
Sweden, the fiscal year for individuals is the calendar year, 1 January to 31 December. 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.
Switzerland In
Switzerland, the fiscal year is the calendar year, 1 January to 31 December.
Taiwan 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.
Thailand In
Thailand, the government's fiscal year (FY) is 1 October to 30 September of the following year. 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.
Ukraine In
Ukraine, the fiscal year is the calendar year, 1 January to 31 December.
United Arab Emirates In the
United Arab Emirates, the fiscal year is the calendar year, 1 January to 31 December. For personal tax purposes the fiscal year starts on 6 April and ends on 5 April of the next calendar year. 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. 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. 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 Daythe traditional day on which debts were settled. (For a fuller explanation about the history of the United Kingdom income tax year and its start date, see .)
United States Federal government In the
United States, the fiscal year of the
federal government begins 1 October and ends 30 September the following year. The current fiscal year is the fiscal year and is abbreviated FY or FY-. It began 1 October and will end on 30 September . For example, the United States government fiscal year - is: Source: In 1843, the federal government changed the fiscal year from that of a calendar year (beginning 1 January), to one starting on 1 July. These fiscal years ran from 1 July to 30 June the following year. The current fiscal year of 1 October to 30 September was introduced by the
Congressional Budget and Impoundment Control Act of 1974. This created what is known as the "transitional quarter", from 1 July 1976 to 30 September 1976, to allow Congress more time to arrive at budget decisions. The first "modern" fiscal year ran 1 October 1976 to 30 September 1977, and was called fiscal year 1976-77 (abbreviated FY77).'''''' Source:''' Two states have fiscal years that are different: •
New York, ends 31 March •
Texas, ends 31 August The fiscal year for the
Washington, DC government ends on 30 September. 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
US Virgin Islands.
Puerto Rico is the exception, with its fiscal year ending on 30 June.
Vietnam In
Vietnam, the fiscal year is the calendar year, 1 January to 31 December. == Businesses and organizations ==