5:36 pm - Monday August 21, 2017

Fiscal year ,Financial year, Budget year

Fiscal year or Financial year or Budget year is the period used by governments for accounting and budget purposes. Fiscal year or Financial year or Budget year vary country to country.  Fiscal year end is denoted by FYE and Fiscal year is denoted by F/Y.  The “fiscal year end” (FYE) is the date that marks the end of the fiscal year.

Here below i have listed different countries showing their fiscal year:-

Afghanistan

In Afghanistan, according to their afghan calendar the fiscal year was recently changed from 1 Hamal – 29 Hoot (21 March – 20 March) to 1 Jadi – 30 Qaus (21 December – 20 December).

Australia

In Australia fiscal year 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. Individual taxpayers and business enterprises mainly use it for official purposes.

Austria

In Austria the fiscal year is same as the calendar year. It is from 1 January to 31 December.

Bangladesh

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

Belarus

In Belarus, the Fiscal year ,Financial year, Budget year is same as the calendar year. Fiscal year is from 1 January to 31 December.

Brazil

In Brazil, the Fiscal year ,Financial year, Budget year is same as the calendar year. Fiscal year is from 1 January to 31 December.

Fiscal year ,Financial year, Budget year

Fiscal year ,Financial year, Budget year


Bulgaria

In Bulgaria, the Fiscal year ,Financial year, Budget year is same as the calendar year. Fiscal year is from 1 January to 31 December.

Canada

In Canada fiscal year is different for government and individual taxpayers. The government’s financial year is 1 April to 31 March and for individuals taxpayers, the fiscal year is same as the calendar year from 1 January to 31 December.

China

In China, the fiscal year for all entities is same as the calendar year from 1 January to 31 December. This calendar year is same for tax, statutory and planning year.

Colombia

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

Costa Rica

In Costa Rica, the Fiscal year ,Financial year, Budget year is from 1 October to 30 September.

Egypt

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

France

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

Greece

In Greece, the fiscal year is  same as calendar year. It is from 1 January to 31 December.

Hong Kong

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

India

In India, the government’s financial year runs from 1 April to 31 March. It is abbreviated as FY.

Companies following the Indian Depository 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. All Companies which follow Indian fiscal year must have proper view of their economical health by 31 March of every Indian financial/budget/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, Earlier India followed a fiscal year that ran from 1 May to 30 April every year. In 1867 

In 1984, the LK Jha committee recommended that financial year should be changed to 1 April to 31 March  instead of current fiscal year from 1 January to 31 December but this proposal was rejected by government. In July 2016 the NITI Aayog also recommended that financial year should be changed to 1 April to 31 March  instead of current fiscal year from 1 January to 31 December.

Iran

In Iran, the fiscal year is from March 21 to March 20 of next year. In Solar Hijri calender it is from 1st of Farvardin to 29th of Eafand.

Ireland

In Ireland, Until 2011 Ireland used the year ending 5 April and than  it was changed to the calendar year, from 1 January to 31 December. In earlier years many years ago(2001) the tax year was nine months, from April to December.

Israel

In Israel, the Fiscal year ,Financial year, Budget year is the calendar year which means it is from 1 January to 31 December.

Italy

In Italy, the Fiscal year ,Financial year, Budget year is the calendar year i.e. from 1 January to 31 December. In Italy, it was changed in year 1965. Before 1965 it was from 1st July to 30th June.

Japan

In Japan, the government’s Fiscal year ,Financial year, Budget year is from 1 April to 31 March. In Japan Fiscal year ,Financial year, Budget year is followed by word nendo. You can learn it from example right here.  

For example:-  The Fiscal year ,Financial year, Budget year from 1 April 2017 to 31 March 2018. we will pronounce it 2017–nendo.

There is one more point to be noted , In Japan income tax year is from 1 January to 31 December and corporate tax is implemented according to the corporation’s own annual period.

Macau

In Macau, the government’s Fiscal year ,Financial year, Budget year is same as normal year i.e. 1 January to 31 December.

Mexico

In Mexico, Fiscal year ,Financial year, Budget year is same as normal year i.e. the calendar year, 1 January to 31 December.

Myanmar/Burma

In Myanmar/Burma, The Fiscal year ,Financial year, Budget year is from 1 April to 31 March.

Nepal

In Nepal, The Fiscal year ,Financial year, Budget year is from 1 Shrawan (4th month of Bikram calendar) to 31 Ashad (3rd month of Bikram calendar).It is written in his own terms in which 1 Shrawan means it falls in mid-July.

New Zealand

In New Zealand, the government’s Fiscal year ,Financial year, Budget year is from 1 July to the next 30 June. It is different in case of company and personal financial yearIn this case it is from 1 April to 31 March.

Pakistan

In Pakistan, the Government Fiscal year ,Financial year, Budget year is from 1 July to 30th June of next year. In Pakistan Private companies are free to observe their own accounting year. Private companies Financial year, Budget year not be the same as government’s Fiscal year ,Financial year, Budget year.

Portugal

In Portugal, the Fiscal year ,Financial year, Budget year is same as the calendar year, i.e. from 1 January to 31 December.

Russia

In Russia,Since 1911 the Fiscal year ,Financial year, Budget year is same as the calendar year,i.e. from 1 January to 31 December. 

Singapore

In Singapore ,the government Fiscal year ,Financial year, Budget year is from 1 April to 31 March. For personal income taxes it is from January to 31 December same as calendar year. Corporations and organisations are permitted to select any date as the end of each fiscal year.

South Africa

In South Africa, the government the Fiscal year ,Financial year, Budget year for the is from 1st April to 31st March of next year.

For individuals it is from 1st March to the final day of February the following year. Many older companies still use a tax year inherited from the British year that runs from 1 July to 30 June. 

South Korea

In South Korea, the government the Fiscal year ,Financial year, Budget year is the calendar year, from 1st January to 31st December.

Spain

In Spain, the government the Fiscal year ,Financial year, Budget year is the calendar year,from 1 January to 31 December.

Sweden

In Sweden, the Fiscal year ,Financial year, Budget year for individuals is same as the calendar year, from 1 January to 31 December.

By prior permission from the Tax authority, an organisation can choose any one of  the followings as fiscal year:-

  • 1 January to 31 December.
  • 1 May to 30 April.
  • 1 July to 30 June.
  • 1 September to 31 August.

Taiwan

In Taiwan, the government the Fiscal year ,Financial year, Budget year is same as  the calendar year, from 1 January to 31 December. However, an enterprise can change its fiscal year by prior permission from tax authorities.

Thailand

In Thailand, the government’s Fiscal year ,Financial year, Budget year is from 1st October to 30th September of the next year. For individual tax payers it is same as the calendar year, from 1st January to 31 December.

Ukraine

In Ukraine, the government Fiscal year ,Financial year, Budget year is same as the calendar year, i.e. from 1 January to 31 December.

United Arab Emirates

In the United Arab Emirates, the government Fiscal year ,Financial year, Budget year is same as the calendar year, i.e. from 1 January to 31 December.

United Kingdom

In the United Kingdom, the government Fiscal year ,Financial year, Budget year runs from 1 April to 31 March.It is different for personal tax payers.  For personal tax purposes the fiscal year starts on 6 April and ends on 5 April of the next year.

 

Fiscal year ,Financial year, Budget year

Fiscal year ,Financial year, Budget year

Filed in: EDUCATION

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