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A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for
financial report Financial statements (or financial reports) are formal records of the financial activities and position of a business, person, or other entity. Relevant financial information is presented in a structured manner and in a form which is easy to und ...
ing by businesses and other organizations. Laws in many
jurisdictions Jurisdiction (from Latin ''Wikt:ius#Latin, juris'' 'law' + ''Wikt:dictio, dictio'' 'declaration') is the legal term for the authority granted to a legal entity to enact justice. Colloquially it is used to refer to the geographical area (: locatio ...
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 A calendar is a system of organizing days. This is done by giving names to periods of time Time is the indefinite continued sequence, progress of existence and event (philosophy), events that occur in an apparently irreversible process, ...
(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 An anniversary is the date on which an event took place or an institution was founded in a previous year, and may also refer to the commemoration or celebration of that event. For example, the first event is the initial occurrence or, if plann ...
basis. Some companies, such as
Cisco Systems Cisco Systems, Inc. (Cisco) is an American multinational Multinational may refer to: * Multinational corporation, a corporate organization operating in multiple countries * Multinational force, a military body from multiple countries * Multina ...
, 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. 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. That is the case in many countries around the world with a few exceptions such as Australia, New Zealand, and Japan. Many universities have a fiscal year which ends during the summer to align the fiscal year with the
academic yearAn academic year or school year is a period of time which schools, colleges and university, universities use to measure a quantity of study. School holiday School holidays (also referred to as vacations, breaks, and recess) are the periods during ...
(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 The Northern Hemisphere is the half of Earth Earth is the third planet from the Sun and the only astronomical object known to harbour and support life. 29.2% of Earth's surface is land consisting of continents and islands. The remain ...

Northern Hemisphere
, that is July to the next June. In the
Southern Hemisphere The Southern Hemisphere is the half (hemisphere Hemisphere may refer to: * A half of a sphere As half of the Earth * A hemispheres of Earth, hemisphere of Earth ** Northern Hemisphere ** Southern Hemisphere ** Eastern Hemisphere ** Western He ...

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


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. 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. However, short years are permitted as the first year or when changing tax years. 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. *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 In the Western liturgical year The liturgical year, also known as the church year or Christian year, as well as the kalendar, consists of the cycle of liturgical seasons in Christian churches that determines when feast days, including c ...
(25 March) in the
Julian calendar The Julian calendar, proposed by Julius Caesar Gaius Julius Caesar (; 12 July 100 BC – 15 March 44 BC) was a Roman Roman or Romans usually refers to: *Rome, the capital city of Italy *Ancient Rome, Roman civilization from 8th century B ...
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#Why the United Kingdom income tax year begins on 6 April for more detailed explanation.) *United States: individuals may (but rarely do) elect any tax year, subject to IRS approval. 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.


Operation in various countries/region

In some jurisdictions, particularly those that permit
tax consolidation Tax consolidation, or combined reporting, is a regime adopted in the tax or revenue legislation of a number of countries which treats a group of wholly owned or majority-owned companies and other entities (such as trusts and partnerships) as a sing ...
, companies that are part of a
group A group is a number A number is a mathematical object used to counting, count, measurement, measure, and nominal number, label. The original examples are the natural numbers 1, 2, 3, 4, and so forth. Numbers can be represented in language with ...
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.


Afghanistan

In
Afghanistan Afghanistan (; Pashto/Dari language, Dari: , Pashto: , Dari: ), officially the Islamic Republic of Afghanistan, is a landlocked country at the crossroads of Central Asia, Central and South Asia. Afghanistan is bordered by Pakistan to the ea ...

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. The fiscal year runs with the Afghan or
Solar Hijri calendar The Solar Hijri calendar ( fa, گاه‌شماری هجری خورشیدی, gāhshomāri-ye hejri-ye khorshidi; ps, لمريز لېږدیز کلیز, lamrez legdez kalhandara) is a solar calendar and one of the various ancient Iranian calendars. ...
, 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 *)


Australia

In
Australia Australia, officially the Commonwealth of Australia, is a Sovereign state, sovereign country comprising the mainland of the Australia (continent), Australian continent, the island of Tasmania, and numerous List of islands of Australia, sma ...

Australia
, a fiscal year is commonly called a "financial year" (FY) and starts on 1 July and ends on the next 30 June. Financial years are designated by the calendar year of the second half of the period. For example, financial year 2017 is the 12-month period ending on 30 June 2017 and can be referred to as FY2016/17. It is used for official purposes, by individual taxpayers and by the overwhelming majority of business enterprises. 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 A federation (also known as a federal state) is a political entity A polity is an identifiable political entity—any group of people who have a collective identity, who are organized by some form of Institutionalisation, institutionalized ...
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. 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. The Financial year is split into the following four-quarters


Austria

In
Austria Austria (, ; german: Österreich ), officially the Republic of Austria (german: Republik Österreich, links=no, ), is a landlocked A landlocked country is a country that does not have territory connected to an ocean or whose coastli ...

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


Bangladesh

In
Bangladesh Bangladesh (, bn, বাংলাদেশ, ), officially the People's Republic of Bangladesh, is a country in South Asia South Asia is the southern region of Asia, which is defined in both geography, geographical and culture, ethno-c ...

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


Belarus

In
Belarus , image_map = , map_caption = , capital = Minsk Minsk ( be, Мінск , russian: link=no, Минск) is the capital and the largest city of Belarus, located on the Svislach (Berezina), Svislach and the now subterranean Nyamiha, Niam ...

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


Brazil

In
Brazil Brazil ( pt, Brasil; ), officially the Federative Republic of Brazil (Portuguese: ), is the largest country in both South America and Latin America. At 8.5 million square kilometers (3.2 million square miles) and with over 211 mill ...

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


Bulgaria

In
Bulgaria Bulgaria (; bg, България, Bǎlgariya), officially the Republic of Bulgaria ( bg, Република България, links=no, Republika Bǎlgariya, ), is a country in Southeast Europe. It is bordered by Romania to the north, Serbia ...

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 Canada is a country in the northern part of North America. Its Provinces and territories of Canada, ten provinces and three territories extend from the Atlantic Ocean, Atlantic to the Pacific Ocean, Pacific and northward into the Arctic Oce ...

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 China (), officially the People's Republic of China (PRC; ), is a country in . It is the world's , with a of more than 1.4 billion. China spans five geographical and 14 different countries, the in the world after . Covering an area of ap ...

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 Colombia ( , ; ), officially the Republic of Colombia, is a List of transcontinental countries, transcontinental country spanning South America and an Insular region of Colombia, insular region in North America. It is bordered by the Carib ...

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


Costa Rica

In
Costa Rica Costa Rica (, ; ; literally "Rich Coast"), officially the Republic of Costa Rica ( es, República de Costa Rica), is a country in Central America Central America ( es, América Central, , ''Centroamérica'' ) is a region of the Amer ...

Costa Rica
, the fiscal year is 1 January to 31 December.


Egypt

In
Egypt Egypt ( ar, مِصر, Miṣr), officially the Arab Republic of Egypt, is a spanning the and the of . It is bordered by the to , the () and to , the to the east, to , and to . In the northeast, the , which is the northern arm of the R ...

Egypt
, the fiscal year is 1 July to 30 June.


France

In
France France (), officially the French Republic (french: link=no, République française), is a List of transcontinental countries, transcontinental country spanning Western Europe and Overseas France, overseas regions and territories in the Ame ...

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


Greece

In
Greece Greece ( el, Ελλάδα, Elláda, ), officially the Hellenic Republic, is a country located in Southeast Europe, Southeastern Europe. Its population is approximately 10.7 million as of 2021; Athens is its largest and capital city, followed ...

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


Hong Kong

In
Hong Kong Hong Kong (; , ), officially the Hong Kong Special Administrative Region of the People's Republic of China (HKSAR), is a List of cities in China, city and Special administrative regions of China, special administrative region of China on the ...

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 India, officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area, the List of countries and dependencies by population, second-most populous ...

India
, the government's financial year runs from 1 April to 31 March the following year. 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. Companies following the Indian Depositary Receipt (IDR) are given freedom to choose their financial year. For example, Standard Chartered's IDR follows the UK calendar despite being listed in India. Companies following Indian fiscal year get to know their economical health on 31 March of every Indian financial or fiscal year. The current fiscal year was adopted by the colonial British government in 1867 to align India's financial year with that of the British Empire. Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April. 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. A panel set up by the
NITI Aayog The NITI Aayog (Hindi for ''Policy Commission'') (abbreviation for National Institution for Transforming India) is a policy think tank of the Government of India, established with the aim to achieve sustainable development goals with cooperative ...
in July 2016, recommended starting the next fiscal year from 1 January to 31 December after the end of the current five-year plan. On 4 May 2017,
Madhya Pradesh Madhya Pradesh (, ; meaning ''Central Province'') is a state in central India India (Hindi: ), officially the Republic of India (Hindi: ), is a country in South Asia. It is the List of countries and dependencies by population, second-most ...

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.


Indonesia

In
Indonesia Indonesia ( ), officially the Republic of Indonesia ( id, Republik Indonesia, links=yes ), is a country in Southeast Asia Southeast Asia, also spelled South East Asia and South-East Asia, and also known as Southeastern Asia or SEA, is t ...

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


Iran

In
Iran Iran ( fa, ایران ), also called Persia, and officially the Islamic Republic of Iran, is a country in Western Asia Western Asia, West Asia, or Southwest Asia, is the westernmost subregion A subregion is a part of a larger regio ...

Iran
, the fiscal year usually starts on 21st or 22 March (1st of
Farvardin Farvardin ( fa, فروردین, ) is the Iranian Persian name for the first month A month is a unit of time, used with calendars, which is approximately as long as a natural Orbital period, period related to the motion of the Moon; ''month'' and ' ...
in the
Solar Hijri calendar The Solar Hijri calendar ( fa, گاه‌شماری هجری خورشیدی, gāhshomāri-ye hejri-ye khorshidi; ps, لمريز لېږدیز کلیز, lamrez legdez kalhandara) is a solar calendar and one of the various ancient Iranian calendars. ...
) and concludes on next year's 20th or 21 March (29th or 30th of
Esfand Esfand ( fa, اسفند, ) is the twelfth and final month of the Solar Hijri calendar, the official calendar of Iran and Afghanistan. Esfand has twenty-nine days normally, and thirty during leap years. It begins in February and ends in March of the ...
in the
Solar Hijri calendar The Solar Hijri calendar ( fa, گاه‌شماری هجری خورشیدی, gāhshomāri-ye hejri-ye khorshidi; ps, لمريز لېږدیز کلیز, lamrez legdez kalhandara) is a solar calendar and one of the various ancient Iranian calendars. ...
).


Ireland

In
Ireland Ireland ( ; ga, Éire ; Ulster Scots dialect, Ulster-Scots: ) is an island in the Atlantic Ocean, North Atlantic. It is separated from Great Britain to its east by the North Channel (Great Britain and Ireland), North Channel, the Irish Sea ...

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 euro (currency symbol, symbol: euro sign, €; ISO 4217, code: EUR) is the official currency of 19 of the Member state of the European Union, member states of the European Union. This group of states is known as the eurozone or euro area ...

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


Israel

In
Israel Israel (; he, יִשְׂרָאֵל, translit=Yīsrāʾēl; ar, إِسْرَائِيل, translit=ʾIsrāʾīl), officially the State of Israel ( he, מְדִינַת יִשְׂרָאֵל, label=none, translit=Medīnat Yīsrāʾēl; ), is a ...

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


Italy

In
Italy Italy ( it, Italia ), officially the Italian Republic ( it, Repubblica Italiana, links=no ), is a country consisting of Italian Peninsula, a peninsula delimited by the Alps and List of islands of Italy, several islands surrounding it, whose ...

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 Japan ( ja, 日本, or , and formally ) is an island country An island country or an island nation is a country A country is a distinct territory, territorial body or political entity. It is often referred to as the land of an in ...

Japan
, the government's financial year is from 1 April to 31 March. 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 to 31 March is called –''nendo''. Japan's
income tax An income tax is a tax A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity In law Law is a system A system is a group of Interaction, interacting or interrelate ...
year is 1 January to 31 December, but
corporate tax A corporate tax, also called corporation tax or company tax, is a direct tax Though the actual definitions vary between jurisdictions, in general, a direct tax is a tax imposed upon a person or property as distinct from a tax imposed upon a tran ...
is charged according to the corporation's own annual period.


Lithuania

In
Lithuania Lithuania (; lt, Lietuva ), officially the Republic of Lithuania ( lt, Lietuvos Respublika, links=no), is a country in the Baltic region The terms Baltic Sea Region, Baltic Rim countries (or simply Baltic Rim), and the Baltic Sea countr ...
, the fiscal year is the calendar year, 1 January to 31 December.


Macau

In
Macau Macau or Macao (; ; ; ), officially the Macao Special Administrative Region of the People's Republic of China (MSAR), (RAEM) is a city A city is a large human settlement.Goodall, B. (1987) ''The Penguin Dictionary of Human Geography''. Lond ...

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


Mexico

In
Mexico Mexico, officially the United Mexican States, is a List of sovereign states, country in the southern portion of North America. It is borders of Mexico, bordered to the north by the United States; to the south and west by the Pacific Ocean; to ...

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


Moldova

In
Moldova Moldova (, ; ), officially the Republic of Moldova ( ro, Republica Moldova), is a landlocked country A landlocked country is a country A country is a distinct territory, territorial body or political entity. It is often referred to ...

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


Myanmar/Burma

In
Myanmar Myanmar, ); UK pronunciations: US pronunciations incl. . Note: Wikipedia's IPA conventions require indicating /r/ even in British English although only some British English speakers pronounce r at the end of syllables. As John C. Wells, John ...

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


Nepal

In
Nepal Nepal (; ne, नेपाल ), officially the Federal Democratic Republic of Nepal ( ne, सङ्घीय लोकतान्त्रिक गणतन्त्र नेपाल ), is a landlocked country in South Asia. It is ma ...

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


New Zealand

In
New Zealand New Zealand ( mi, Aotearoa ''Aotearoa'' (; commonly pronounced by English English usually refers to: * English language English is a West Germanic languages, West Germanic language first spoken in History of Anglo-Saxon Engl ...

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 Pakistan, . Pronounced variably in English as , , , and . officially the Islamic Republic of Pakistan, is a country in South Asia. It is the world's List of countries and dependencies by population, fifth-most populous country, with a popul ...

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.


Poland

In
Poland Poland, officially the Republic of Poland, is a country located in Central Europe. It is divided into 16 Voivodeships of Poland, administrative provinces, covering an area of , and has a largely Temperate climate, temperate seasonal cli ...

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


Portugal

In
Portugal Portugal, officially the Portuguese Republic ( pt, República Portuguesa, links=yes ), is a country A country is a distinct territorial body or political entity A polity is an identifiable political entity—any group of people who ...

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


Qatar

In
Qatar Qatar (, , or ; ar, قطر, Qaṭar ; local vernacular pronunciation: ), officially the State of Qatar,) is a country in Western Asia. It occupies the small Qatar Peninsula on the northeastern coast of the Arabian Peninsula, and shares it ...

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


Romania

In
Romania Romania ( ; ro, România ) is a country at the crossroads of Central Central is an adjective usually referring to being in the center (disambiguation), center of some place or (mathematical) object. Central may also refer to: Directions ...

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


Russia

In
Russia Russia ( rus, link=no, Россия, Rossiya, ), or the Russian Federation, is a country spanning Eastern Europe Eastern Europe is the eastern region of . There is no consistent definition of the precise area it covers, partly because th ...

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


Singapore

In
Singapore Singapore (), officially the Republic of Singapore, is a sovereign state, sovereign island city-state in maritime Southeast Asia. It lies about one degree of latitude () north of the equator, off the southern tip of the Malay Peninsula, bor ...

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 The Government of Singapore is defined by the Constitution of Singapore to mean the Executive (government), executive branch of government, which is made up of the President of Singapore, president and the Cabinet of Singapore. Although the pre ...
and many government-linked corporations is 1 April to 31 March. 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.


South Africa

In
South Africa South Africa, officially the Republic of South Africa (RSA), is the Southern Africa, southernmost country in Africa. With over Demographics of South Africa, 60 million people, it is the world's List of countries by population, 23rd-most ...

South Africa
, the fiscal year for the
Government of South Africa The Republic of South Africa is a parliamentary republic with three-tier system of government and an independent judiciary, operating in a parliamentary system. Legislative authority is held by the Parliament of South Africa. Executive authority i ...
is 1 April to 31 March. 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.


South Korea

In
South Korea South Korea, officially the Republic of Korea (ROK), is a country in East Asia, constituting the southern part of the Korea, Korean Peninsula and sharing a Korean Demilitarized Zone, land border with North Korea. Its western border is for ...

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


Spain

In
Spain , image_flag = Bandera de España.svg , image_coat = Escudo de España (mazonado).svg , national_motto = , national_anthem = , image_map = , map_caption = , image_map2 ...

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


Sweden

In
Sweden Sweden ( sv, Sverige ), officially the Kingdom of Sweden ( sv, links=no, Konungariket Sverige ), is a Nordic countries, Nordic country in Northern Europe.The United Nations Group of Experts on Geographical Names states that the country's fo ...

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 , french: Suisse(sse), it, svizzero/svizzera or , rm, Svizzer/Svizra , government_type = Federalism, Federal semi-direct democracy under an assembly-independent Directorial system, directorial republic , leader_title1 = Fe ...

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


Taiwan

In
Taiwan Taiwan, officially the Republic of China (ROC), is a country in East Asia East Asia is the eastern region of Asia Asia () is Earth's largest and most populous continent, located primarily in the Eastern Hemisphere, Eastern and N ...

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 Thailand ( th, ประเทศไทย), historically known as Siam, () officially the Kingdom of Thailand, is a country in Southeast Asia. It is located at the centre of the Mainland Southeast Asia, Indochinese Peninsula, spanning , wi ...

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 Turkey ( tr, Türkiye ), officially the Republic of Turkey, is a country located mainly on Anatolia Anatolia,, tr, Anadolu Yarımadası), and the Anatolian plateau. also known as Asia Minor, is a large peninsula in Western Asia and ...

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


Ukraine

In
Ukraine Ukraine ( uk, Україна, Ukraïna, ) is a country in . It is the in Europe after , which it borders to the east and north-east. Ukraine also shares borders with to the north; , , and to the west; and to the south; and has a coastli ...

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


United Arab Emirates

In the
United Arab Emirates The United Arab Emirates (UAE; ar, الإمارات العربية المتحدة ) or the Emirates ( ar, الإمارات ), is a country in Western Asia Western Asia, West Asia, or Southwest Asia, is the westernmost subregion A subregio ...

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


United Kingdom

In the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. Some prefer to use Britain as shorth ...

United Kingdom
, the financial year runs from 1 April to 31 March for the purposes of government financial statements. 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 : ''Throughout this article, the term "pound" and the £ symbol refer to the Pound sterling.'' Corporation tax in the United Kingdom is a corporate tax levied in on the Profit (economics), profits made by UK-resident Company (law), companies an ...
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 BT Group plc (trading as A trade name, trading name, or business name is a pseudonym A pseudonym () or alias () (originally: ψευδώνυμος in Greek) is a fictitious name that a person or group assumes for a particular purpose, which ...
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 Privatization (or privatisation in British English) can mean different things including moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when a heavily regulated private compa ...
. 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 In the Western liturgical year The liturgical year, also known as the church year or Christian year, as well as the kalendar, consists of the cycle of liturgical seasons in Christian churches that determines when feast days, including c ...

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 The Calendar (New Style) Act 1750 (24 Geo. II c.23), "An act for regulating the commencement of the year; and for correcting the calendar now in use", also known as Chesterfield's Act or (in American usage) the British Calendar ...
by which the
Great Britain Great Britain is an island in the North Atlantic Ocean off the northwest coast of continental Europe. With an area of , it is the largest of the British Isles, the List of European islands by area, largest European island, and the List of i ...

Great Britain
also converted from the
Julian Calendar The Julian calendar, proposed by Julius Caesar Gaius Julius Caesar (; 12 July 100 BC – 15 March 44 BC) was a Roman Roman or Romans usually refers to: *Rome, the capital city of Italy *Ancient Rome, Roman civilization from 8th century B ...
to the
Gregorian Calendar The Gregorian calendar is the calendar A calendar is a system of organizing days. This is done by giving names to periods of time, typically days, weeks, months and years. A calendar date, date is the designation of a single, speci ...
. 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

In the
United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country Continental United States, primarily located in North America. It consists of 50 U.S. state, states, a Washington, D.C., ...

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 , often written as "FY" or "FY", which began on 1 October and will end on 30 September . Prior to 1976, the fiscal year began on 1 July and ended on 30 June. The
Congressional Budget and Impoundment Control Act of 1974 The Congressional Budget and Impoundment Control Act of 1974 (, , ) is a United States federal law The law of the United States comprises many levels of codified and uncodified forms of law, of which the most important is the United States Constit ...
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. For example, the
United States government The federal government of the United States (U.S. federal government or U.S. government) is the national government of the United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or U ...
Fiscal Year is: * 1st quarter: 1 October – 31 December * 2nd quarter: 1 January – 31 March * 3rd quarter: 1 April – 30 June * 4th quarter: 1 July – 30 September


State governments

State governments set their own fiscal year. Forty-six of the fifty states set their fiscal year to end on 30 June. Four states have fiscal years that end on a different date: *
Alabama (We dare defend our rights) , anthem = "Alabama (We dare defend our rights) , anthem = "Alabama (state song), Alabama" , image_map = Alabama in United States.svg , seat ...

Alabama
, ends 30 September *
Michigan Michigan () is a state State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine published by the U.S. Department of State * The State (newspaper), ''The State'' (newspaper), a daily newspaper ...

Michigan
, ends 30 September *
New York New York most commonly refers to: * New York City, the most populous city in the United States, located in the state of New York * New York (state), a state in the northeastern United States New York may also refer to: Film and television * New ...
, ends 31 March *
Texas Texas (, ; Spanish Spanish may refer to: * Items from or related to Spain: **Spaniards, a nation and ethnic group indigenous to Spain **Spanish language **Spanish cuisine Other places * Spanish, Ontario, Canada * Spanish River (disambigu ...

Texas
, ends 31 August The fiscal year for the
Washington, D.C. ) , image_skyline = , image_caption = Clockwise from top left: the Washington Monument The Washington Monument is an obelisk within the National Mall The National Mall is a Landscape architecture, landscaped ...
, government ends on 30 September. Among the inhabited
territories of the United States Territories of the United States are sub-national administrative division Administrative division, administrative unitArticle 3(1). , country subdivision, administrative region, subnational entity, first-level subdivision, as well as ma ...
, most align with the federal fiscal year, ending on 30 September. These include
American Samoa #REDIRECT American Samoa American Samoa ( sm, Amerika Sāmoa, ; also ' or ') is an unincorporated territory of the United States Under United States The United States of America (USA), commonly known as the United States (U.S. or US) ...

American Samoa
,
Guam Guam (; ch, Guåhan ) is an organized, unincorporated territory of the United States in the Micronesia Micronesia (, ; from grc, μικρός ''mikrós'' "small" and ''nêsos'' "island") is a subregion of Oceania, consisting of thousa ...

Guam
, the
Northern Mariana Islands The Northern Mariana Islands, officially the Commonwealth of the Northern Mariana Islands (CNMI; ch, Sankattan Siha Na Islas Mariånas; cal, Commonwealth Téél Falúw kka Efáng llól Marianas), is an unincorporated territories of the Unit ...

Northern Mariana Islands
and the
U.S. Virgin Islands The United States Virgin Islands, officially the Virgin Islands of the United States,Also called the ''American Virgin Islands'' are a group of Caribbean islands and an unincorporated and organized territory of the United States The U ...
.
Puerto Rico Puerto Rico (; abbreviated PR; tnq, Boriken, ''Borinquen''), officially the Commonwealth of Puerto Rico ( es, link=yes, Estado Libre Asociado de Puerto Rico, lit=Free Associated State of Puerto Rico) is a Caribbean island and Unincorporated ...

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


Businesses and organizations

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


See also

* 4–4–5 calendar


References


Further reading

* * {{DEFAULTSORT:Fiscal Year Financial accounting Types of year