Wikipedia

Fiscal year

(Redirected from FY (fiscal year))
"Business quarter" redirects here. For the business centre of a city, see Central business district.

A fiscal year (also known as a 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 with the reporting period not aligning 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. In a similar fashion, many nonprofit performing arts organizations will have a fiscal year which ends during the summer, so that their performance season that begins in the fall and ends in the spring will be within one fiscal year.

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

Fiscal years' names are often shortened based on the year in which they end; for example, "fiscal year 2023-2024" and "FY24" are synonymous.

Chart of various fiscal years

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Start date of fiscal year by country
Country Purpose (Jul) (Aug) (Sep) (Oct) (Nov) (Dec) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (Jan) (Feb) (Mar)
Australia
Austria
Bangladesh
Belgium
Brazil
Canada government
corporate/personal
China
Costa Rica
Croatia
Egypt
Ethiopia 8 July
France
Germany
Greece
Hong Kong
India
Indonesia
Iran 21 March
Israel
Italy
Japan government/corporate
personal
Kenya
Latvia
Lithuania
Malaysia
Mexico
Moldova
Nepal 16 July
Netherlands
New Zealand government
corporate/personal
Norway
Pakistan
Philippines
Portugal
Qatar
Republic of Ireland
Romania
Russia
Singapore government
personal
South Africa
South Korea
Spain
Sweden
Switzerland
Taiwan
Thailand
Turkey
United Arab Emirates
United Kingdom personal 6 April
corporate/government 1 April[5]
United States federal
most states
corporate/personal
Country Purpose (Jul) (Aug) (Sep) (Oct) (Nov) (Dec) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec (Jan) (Feb) (Mar)

Tax year

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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.[6] 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.[7] However, short years are permitted as the first year or when changing tax years.[8]

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

  • Australia: individuals pay income tax based on the financial year of 1 July until 30 June.[9]
  • United Kingdom: the tax year for individuals begins on 6 April. This is due to Britain historically having a calendar year starting on Lady Day (25 March) in the Julian calendar but a fiscal year ending on that day. When the UK adopted the Gregorian calendar in 1752, 25 March translated to 5 April and 26 March to 6 April. (See History of taxation in the United Kingdom#Start of tax year for more detailed explanation.)
  • United States: individuals may (but rarely do) elect any tax year, subject to IRS approval.[10]

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.[7]

Operation by jurisdiction

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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.[citation needed]

Afghanistan

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In Afghanistan, from 2011 to 2021, the fiscal year began on 1 Hamal (20th or 21 March).[11] The fiscal year aligned with the Persian or Solar Hijri calendar used in Afghanistan at the time.

Following transfer of power to the Taliban administration in September 2021, Afghanistan abandoned the Solar Hijri calendar in favour of the Lunar Hijri calendar. The fiscal cycle was restarted with effect from 1 Muharram 1444 AH (30 July 2022)[12]

Australia

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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 2025 is the 12-month period ending on 30 June 2025 and can be referred to as FY2024/25. It is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises.[9] 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 four quarters which cover the following periods:[14]

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

Austria

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

Bangladesh

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

Belarus

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

Brazil

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

Bulgaria

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

Canada

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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.

China

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

Colombia

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

Costa Rica

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In Costa Rica, the fiscal year is the calendar year. January to December. As of 2019 when the tax laws changed. [21]

Egypt

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In Egypt, the fiscal year is 1 July to 30 June.[22]

France

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In France, the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911.[23]

Germany

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

Greece

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

Hong Kong

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

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

India

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In India, the government's financial year runs from 1 April to 31 March the following year.[25] The financial year from 1 April 2024 to 31 March 2025 would generally be abbreviated as FY 2024-25 or( FY24-25) ( FY2024/25),(FY2024/2025),(FY24/25), but it may also be called FY 2025 or FY25 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]

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 & accounting error.[30]

Indonesia

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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.[31]

Iran

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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).[32]

Ireland

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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.[33]

Israel

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

Italy

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

Japan

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In Japan, the government's financial year is from 1 April to 31 March.[36]

Japan's income tax year is 1 January to 31 December,[37] but corporate tax is charged according to the corporation's own annual period;[38] most Japanese corporations elect their annual period to follow the government fiscal year (1 April to 31 March).

Lithuania

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In Lithuania, the fiscal year is the calendar year, 1 January to 31 December.[39]

Macau

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

Malaysia

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In Malaysia, the tax year for individuals is the calendar year, from 1 January to 31 December.[40]

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.[41] 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

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

Moldova

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In Moldova, the fiscal year is the calendar year, 1 January to 31 December.[42]

Myanmar/Burma

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In Myanmar, the fiscal year is 1 April to 31 March.[43]

Nepal

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In Nepal, the fiscal year is 16 July (29 Dilā in Nepal Sambat) to 15 July (28 Dilā in Nepal Sambat).[44]

New Zealand

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In New Zealand, the government's fiscal[45] and financial reporting[46] year is 1 July to the next 30 June[47] and applies also to the budget. The company and personal financial year[48] is 1 April to 31 March and applies to company and personal income tax.

Pakistan

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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.[49]

Philippines

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In the Philippines, the government's fiscal year is the calendar year, from 1 January to 31 December.[50]

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.[51]

Poland

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

Portugal

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

Qatar

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

Romania

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

Russia

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In Russia, the fiscal year is the calendar year, 1 January to 31 December.[23][better source needed]

Saudi Arabia

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

Singapore

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In Singapore, the fiscal year for the calculation of personal income taxes is 1 January to 31 December.[54]

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.[55]

South Africa

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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

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

Spain

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

Sweden

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In Sweden, the fiscal year for individuals is the calendar year, 1 January to 31 December.[58]

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.[59][60]

Switzerland

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

Taiwan

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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.[62]

Thailand

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In Thailand, the government's fiscal year (FY) is 1 October to 30 September of the following year.[63] For individual taxpayers it is the calendar year, 1 January to 31 December.

Turkey

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In Turkey, the fiscal year is the calendar year, 1 January to 31 December.[64]

Ukraine

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In Ukraine, the fiscal year is the calendar year, 1 January to 31 December.[65]

United Arab Emirates

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

United Kingdom

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In the United Kingdom, the financial year runs from 1 April to 31 March for the purposes of government financial statements.[5] For personal tax purposes the fiscal year starts on 6 April and ends on 5 April of the next calendar year.[66]

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.[67]

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 – the 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 History of taxation in the United Kingdom#Start of tax year.)

United States

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Federal government

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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; the current fiscal year is often written as "FY25" or "FY2024-25", which began on 1 October and will end on 30 September.

In 1843, the federal government changed the fiscal year from a calendar year to one starting on 1 July,[68] which lasted until 1976. The Congressional Budget and Impoundment Control Act of 1974 created the current fiscal year of 1 October to 30 September, making the change to allow Congress more time to arrive at a budget and creating what is known as the "transitional quarter" from 1 July 1976 to 30 September 1976.

For example, the United States government Fiscal Year 2024-25 is:

  • 1st quarter: 1 October 2024 – 31 December 2024
  • 2nd quarter: 1 January 2025 – 31 March 2025
  • 3rd quarter: 1 April 2025 – 30 June 2025
  • 4th quarter: 1 July 2025 – 30 September 2025

State governments

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State governments set their own fiscal year. Forty-six of the fifty states set their fiscal year to end on 30 June.[69] Four states have fiscal years that end on a different date:

The fiscal year for the Washington, DC government ends on 30 September.[71]

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.[69] Puerto Rico is the exception, with its fiscal year ending on 30 June.

Vietnam

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

Businesses and organizations

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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 accounting 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. Drake notes, however, that there are cases where businesses choose a year-end which fits with the slower part of their business year. At this point in the year they are likely to hold less inventory than their average daily inventory over the whole year.[72]

See also

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References

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  1. ^ Richtel, Matt (12 May 2004). "Cisco profit for quarter slightly beats estimates". The New York Times. Retrieved 14 August 2012.
  2. ^ Ed St John[full citation needed]
  3. ^ Thomson ONE Banker (31 March 2011). "FT UK 500 2011" (PDF). Financial Times. Archived from the original (PDF) on 8 July 2011. Retrieved 14 August 2012.
  4. ^ a b c d "Fiscal Year". The World Factbook. Central Intelligence Agency. Archived from the original on 30 April 2020. Retrieved 24 May 2020.
  5. ^ a b "Interpretation Act 1978: Schedule 1". legislation.gov.uk. The National Archives. 1978 c. 30 (sch. 1). Retrieved 16 February 2024. "Financial year" means, in relation to matters relating to the Consolidated Fund, the National Loans Fund, or moneys provided by Parliament, or to the Exchequer or to central taxes or finance, the twelve months ending with 31st March. [1889]
  6. ^ See, e.g., U.S. IRS Publication 538.
  7. ^ a b 26 U.S.C. § 441 – Period for computation of taxable income
  8. ^ 26 U.S.C. § 443
  9. ^ a b Australian Securities & Investments Commission. "Changing a financial year". Melbourne: Author. Retrieved 9 July 2014.
  10. ^ See instructions to IRS Form 1128 and 26 U.S.C. §§ 441–444
  11. ^ "Change in Afghan fiscal year". The Khaama Press News Agency. 17 October 2011. Retrieved 24 May 2020.
  12. ^ Rasa, Mohammad Shaker (26 March 2022). "Taliban changes solar year to Hijri lunar calendar". Hasht-e Subh Daily. Archived from the original on 4 September 2022. Retrieved 4 September 2022.
  13. ^ a b Arndt, Heinz Wolfgang (1990). "The financial year". In Parker, Robert H. (ed.). Accounting in Australia: Historical essays. Garland Publishers. pp. 61–70, at p. 63. ISBN 978-0-8240-3324-8. OCLC 20823841.
  14. ^ "Activity statement generate dates". Australian Taxation Office. Retrieved 7 November 2017.
  15. ^ "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. ^ "Federal-Provincial Fiscal Arrangements Act" (in English and French). Department of Justice Canada. 1985. Retrieved 14 August 2012.
  20. ^ Slater, Matt (18 December 2017). "When is the Chinese Financial Year?". China Checkup.
  21. ^ "Costa Rica – Corporate – Tax administration". PwC. Retrieved 3 November 2023.
  22. ^ "Egypt". The World Factbook. Central Intelligence Agency. Retrieved 19 January 2019.
  23. ^ a b "British and Foreign Naval Power". Parliamentary Debates (Hansard). 22 March 1911. Retrieved 5 January 2016.
  24. ^ "The World Factbook". Retrieved 5 January 2016.
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  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. ^ "India to bid good bye to its 'old' financial year in 2018?". The Financial Express. 12 July 2016. Retrieved 30 December 2016.
  30. ^ Sood, Jyotika (2 May 2017). "Madhya Pradesh decides to change to January–December fiscal year". Mint. Retrieved 5 May 2017.
  31. ^ Soelistianingsih, Lana (9 July 2015). "Ini Keuntungan Pemerintah Merombak Tahun Fiskal" [Benefits of the government reorganization of the fiscal year]. Inilah.com (in Indonesian). Retrieved 10 December 2017.
  32. ^ "Iran announces budget for coming fiscal year". Yahoo! News. Associated Press. 2 March 2014. Retrieved 17 October 2015.
  33. ^ Suiter, Jane (21 July 2000). "McCreevy changing the tax year from April to January". The Irish Times. Retrieved 28 June 2017.
  34. ^ "The World Factbook". Retrieved 28 August 2016.
  35. ^ Bartoletto, Silvana; Chiarini, Bruno; Marzano, Elisabetta (May 2012). "The Sustainability of Fiscal Policy in Italy: A Long-Term Perspective". p. 47. Retrieved 24 May 2020 – via ResearchGate.
  36. ^ "The World Factbook". Retrieved 5 January 2016.
  37. ^ "Japan – Income Tax". KPMG. Archived from the original on 16 May 2020. Retrieved 24 May 2020.
  38. ^ "Japan: Corporate – Tax administration". PwC. Retrieved 24 May 2020.
  39. ^ "Article 2.52". Civil Code of the Republic of Lithuania. Retrieved 1 September 2021.
  40. ^ "Tax Administration".
  41. ^ "Tax Administration".
  42. ^ "Moldova". The World Fact Book. Central Intelligence Agency. 24 June 2022.
  43. ^ "Burma". The World Factbook. Central Intelligence Agency. 26 December 2023.
  44. ^ "Lawmakers stress on changing Fiscal Year". The Kathmandu Post. Kantipur Publications. 12 October 2014. Retrieved 13 February 2016.
  45. ^ "Annual Report". The Treasury New Zealand. Retrieved 5 January 2016.
  46. ^ "New Zealand International Financial Reporting Standards (NZIFRS)". The Treasury New Zealand. Archived from the original on 2 February 2016. Retrieved 5 January 2016.
  47. ^ "Year End Financial Statements". Retrieved 5 January 2016.
  48. ^ "Important dates". Inland Revenue. Retrieved 5 January 2016.
  49. ^ 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.
  50. ^ "Presidential Decree No. 777, s. 1975". Official Gazette of the Republic of the Philippines. Retrieved 16 September 2022.
  51. ^ "Philippines – Corporate – Tax administration". PwC. Retrieved 16 September 2022.
  52. ^ Rentrop & Straton. "Codul fiscal 2018 ART. 16 – Anul fiscal" [Fiscal Code 2018, article 16: Fiscal year]. www.noulcodfiscal.ro (in Romanian). Archived from the original on 26 October 2017. Retrieved 26 October 2017.
  53. ^ "Different Countries – Different Financial years". taxninja.in.
  54. ^ "Singapore Personal Income Tax 2020". Rikvin.com. 4 November 2019. Retrieved 24 May 2020.
  55. ^ "How to determine the financial year end (FYE) in Singapore". leftrightcorp.com. 13 April 2020. Retrieved 29 July 2020.
  56. ^ "국가재정법" [National Finance Act] (in Korean). Korean Law Information Center [ko], Government of South Korea. 16 January 2018. Retrieved 11 June 2024. [ko], Government of South Korea&rft.date=2018-01-16&rft_id=http://www.law.go.kr/법령/국가재정법/(20180417,15342,20180116)/제2조&rfr_id=info:sid/en.wikipedia.org:Fiscal year" class="Z3988">
  57. ^ "Spain". The World Factbook. Central Intelligence Agency. Retrieved 5 May 2016.
  58. ^ "Sweden". The World Factbook. Central Intelligence Agency. Retrieved 1 May 2014.
  59. ^ "Skatteverket" [Swedish Tax Agency] (in Swedish). Retrieved 19 May 2015.
  60. ^ "Bolagsverket" [Swedish Companies Registration Office] (in Swedish). Retrieved 19 May 2015.
  61. ^ "Switzerland". The World Factbook. Central Intelligence Agency. Retrieved 19 January 2019.
  62. ^ "Investing in Taiwan". Taiwan Investment Guide. 2008.
  63. ^ "Economy; Thailand; Fiscal Year". The World Factbook. US Central Intelligence Agency. Retrieved 17 February 2015.
  64. ^ "Turkey". The World Factbook. Central Intelligence Agency. Archived from the original on 10 January 2021. Retrieved 5 May 2016.
  65. ^ "Article 3 of Budgetary code of Ukraine". Budgetary code of Ukraine. Retrieved 19 July 2017.
  66. ^ "Business tax: Self-employment". HM Revenue & Customs. Retrieved 17 May 2017.
  67. ^ eexpand International Trade Tech Solutions (April 2024). "Accounting and accounting rules in the United Kingdom". lloydsbanktrade.com. London: Lloyds Bank. Retrieved 11 June 2024.
  68. ^ The statutes at large and treaties of the United States of America. Vol. 5. Boston: Charles C. Little & James Brown. 1856. pp. 536–537.
  69. ^ a b "Basic Information About Which States Have Major Taxes and States' Fiscal Years". National Conference of State Legislatures. 13 July 2012. Retrieved 19 June 2018.
  70. ^ "The budget process". New York State Division of the Budget. Retrieved 8 February 2024.
  71. ^ Council of the District of Columbia. Code of the District of Columbia (Title 1. Government Organization). § 1–204.41. Fiscal year. Retrieved 19 June 2018.
  72. ^ Drake, P. P., Financial ratio analysis, p. 4, published on 15 December 2012

Further reading

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