Accounting reference date
Encyclopedia
A fiscal year is a period used for calculating annual ("yearly") financial statement
s in business
es and other organizations. In many jurisdictions, regulatory law
s regarding accounting and tax
ation require such reports once per twelve months, but do not require that the period reported on constitutes a calendar year
(i.e., January through December). Fiscal years vary between businesses and countries. Fiscal year may also refer to the year used for income tax reporting.
In addition, many companies find that it is convenient for purposes of comparison and for accurate stock taking to always end their fiscal year on the same day of the week, where local legislation permits. Thus some fiscal years will have 52 weeks and others 53. Major corporations that adopt this approach include Cisco Systems
and Tesco
.
In the United Kingdom
, 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.
Nevertheless, the fiscal year is identical to the calendar year for about 65% of publicly traded companies in the United States
and for a majority of large corporations in the UK and elsewhere (with notable exceptions Australia
, New Zealand
and Japan
).
Many universities have a fiscal year which ends during the summer, both to align the fiscal year with the school year, and because the school is normally less busy during the summer months. In the Northern hemisphere this is July in one year to June in the next year. In the southern hemisphere this is January to December of a single calendar year.
Some media/communication based organizations use a Broadcast calendar
as the basis for their fiscal year.
, companies that are part of a group
of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the U.S. and Japan
), with consolidating entries to adjust for transactions between units with different fiscal years, so the same resources will not be counted more than once or not at all.
's financial year begins on July 1 and concludes on June 30 of the following year. This applies for personal income tax and the federal budget, and most companies are required to use it as their own.
The year ending on the 30th June, 2011 is referred to as "financial year 2010-11" or sometimes just "financial year 2011".
, the Fiscal Year starts January 1st ending in December 31st. Yearly taxes are due in the middle of March/April for Corporations while citizens pay income tax (when needed) starting in August, ending in September, according to the last 2 digits of the national id.
spans from October 1 until September 30 of the following year. Taxpayers are required to pay the tributes before December 15 of each year.
, Hong Kong
, and India
the government's financial year runs from April 1 to March 31 (Example April 1, 2011 to March 31, 2012 for the current financial year).
Fiscal year is calendar year (Ref Hansard; HC Deb 22 March 1911 vol 23 cc378-82; McKENNA)
also used the year ending April 5 until 2001 when it was changed, at the request of Finance Minister Charlie McCreevy
, to match the calendar year (the 2001 tax year was nine months, from April to December).
Fiscal year is 1 July through 30 June (Ref Hansard; HC Deb 22 March 1911 vol 23 cc378-82; McKENNA)
, the government's financial year runs from April 1 to March 31. 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 April 1, 2010 to March 31, 2011 is called 2010-nendo.
Japan's income tax
year runs from January 1 to December 31, but corporate tax
is charged according to the corporation's own one-year period.
's fiscal year starts on July 1 of the previous calendar year and concludes on June 30. Private companies are free to observe their own accounting year, which may not be the same as Government of Pakistan's fiscal year.
Fiscal year is calendar year (Ref Hansard; HC Deb 22 March 1911 vol 23 cc378-82; McKENNA)
The fiscal year for the Government of Singapore
and many government-linked corporations
runs from 1 April to 31 March.
Corporations and organisations are permitted to select any date to mark the end of each fiscal year, as long as this date remains constant.
The fiscal year for an organisation is typically one of the following (cf. Swedish Wikipedia):
If an organisation wishes to use any other period, the organisation has to ask the tax authorities for permission.
, the fiscal year starts on January 1 and ends December 31.
, the fiscal year for the purposes of personal taxation and payment of state benefits runs from April 6 to April 5. However the year should run from April 1 to March 31 for the purposes of corporation tax and government financial statements.
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.
The April 5 year end for personal tax and benefits reflects the old ecclesiastical calendar, with New Year
falling on March 25 (Lady Day
), the difference being accounted for by the eleven days "missed out" when Great Britain
converted from the Julian Calendar
to the Gregorian Calendar
in 1752 (the British tax authorities, and landlords were unwilling to lose 11 days of tax and rent revenue, so under provision 6 (Times of Payment of Rents, Annuities, &c.) of the Calendar (New Style) Act 1750
, the 1752–3 tax year was extended by 11 days). From 1753 until 1799, the tax year in Great Britain began on April 5, which was the "old style
" new year of March 25. A 12th skipped Julian leap day in 1800 changed its start to April 6. It was not changed when a 13th Julian leap day was skipped in 1900, so the personal tax year in the United Kingdom
is still April 6.
stipulated 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 July 1, 1976 to September 30, 1976. As stated above, the tax year for a business is governed by the fiscal year it chooses.
For example, the United States government
fiscal year for 2012 ("FY 2012" or "FY12") is as follows:
Most countries require all individuals to pay income tax based on the calendar year. Significant exceptions include:
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.
Financial statement
A financial statement is a formal record of the financial activities of a business, person, or other entity. In British English—including United Kingdom company law—a financial statement is often referred to as an account, although the term financial statement is also used, particularly by...
s in business
Business
A business is an organization engaged in the trade of goods, services, or both to consumers. Businesses are predominant in capitalist economies, where most of them are privately owned and administered to earn profit to increase the wealth of their owners. Businesses may also be not-for-profit...
es and other organizations. In many jurisdictions, regulatory law
Law
Law is a system of rules and guidelines which are enforced through social institutions to govern behavior, wherever possible. It shapes politics, economics and society in numerous ways and serves as a social mediator of relations between people. Contract law regulates everything from buying a bus...
s regarding accounting and tax
Tax
To tax is to impose a financial charge or other levy upon a taxpayer by a state or the functional equivalent of a state such that failure to pay is punishable by law. Taxes are also imposed by many subnational entities...
ation require such reports once per twelve months, but do not require that the period reported on constitutes a calendar year
Calendar year
Generally speaking, a calendar year begins on the New Year's Day of the given calendar system and ends on the day before the following New Year's Day. By convention, a calendar year consists of a natural number of days. To reconcile the calendar year with an astronomical cycle , certain years...
(i.e., January through December). Fiscal years vary between businesses and countries. Fiscal year may also refer to the year used for income tax reporting.
In addition, many companies find that it is convenient for purposes of comparison and for accurate stock taking to always end their fiscal year on the same day of the week, where local legislation permits. Thus some fiscal years will have 52 weeks and others 53. Major corporations that adopt this approach include Cisco Systems
Cisco Systems
Cisco Systems, Inc. is an American multinational corporation headquartered in San Jose, California, United States, that designs and sells consumer electronics, networking, voice, and communications technology and services. Cisco has more than 70,000 employees and annual revenue of US$...
and Tesco
Tesco
Tesco plc is a global grocery and general merchandise retailer headquartered in Cheshunt, United Kingdom. It is the third-largest retailer in the world measured by revenues and the second-largest measured by profits...
.
In the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, a number of major corporations that were once government owned, such as BT Group
BT Group
BT Group plc is a global telecommunications services company headquartered in London, United Kingdom. It is one of the largest telecommunications services companies in the world and has operations in more than 170 countries. Through its BT Global Services division it is a major supplier of...
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.
Nevertheless, the fiscal year is identical to the calendar year for about 65% of publicly traded companies in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
and for a majority of large corporations in the UK and elsewhere (with notable exceptions Australia
Australia
Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area...
, New Zealand
New Zealand
New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga...
and Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
).
Many universities have a fiscal year which ends during the summer, both to align the fiscal year with the school year, and because the school is normally less busy during the summer months. In the Northern hemisphere this is July in one year to June in the next year. In the southern hemisphere this is January to December of a single calendar year.
Some media/communication based organizations use a Broadcast calendar
Broadcast calendar
The broadcast calendar is a standardized calendar used primarily for the planning and purchase of radio and television programs and advertising. Every week in the broadcast calendar starts on a Monday and ends on a Sunday, and every month has either four or five such weeks...
as the basis for their fiscal year.
Operation in various countries
In some jurisdictions, particularly those that permit tax consolidationTax consolidation
Tax consolidation 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 as a single entity for tax purposes...
, companies that are part of a group
Business group
A corporate group is a collection of parent and subsidiary corporations that function as a single economic entity through a common source of control. The concept of a group is frequently used in tax law, accounting and company law to attribute the rights and duties of one member of the group to...
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
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
), 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.
Australia
The Australian governmentGovernment of Australia
The Commonwealth of Australia is a federal constitutional monarchy under a parliamentary democracy. The Commonwealth of Australia was formed in 1901 as a result of an agreement among six self-governing British colonies, which became the six states...
's financial year begins on July 1 and concludes on June 30 of the following year. This applies for personal income tax and the federal budget, and most companies are required to use it as their own.
The year ending on the 30th June, 2011 is referred to as "financial year 2010-11" or sometimes just "financial year 2011".
Colombia
In ColombiaColombia
Colombia, officially the Republic of Colombia , is a unitary constitutional republic comprising thirty-two departments. The country is located in northwestern South America, bordered to the east by Venezuela and Brazil; to the south by Ecuador and Peru; to the north by the Caribbean Sea; to the...
, the Fiscal Year starts January 1st ending in December 31st. Yearly taxes are due in the middle of March/April for Corporations while citizens pay income tax (when needed) starting in August, ending in September, according to the last 2 digits of the national id.
Costa Rica
The Fiscal Year in Costa RicaCosta Rica
Costa Rica , officially the Republic of Costa Rica is a multilingual, multiethnic and multicultural country in Central America, bordered by Nicaragua to the north, Panama to the southeast, the Pacific Ocean to the west and the Caribbean Sea to the east....
spans from October 1 until September 30 of the following year. Taxpayers are required to pay the tributes before December 15 of each year.
Canada, Hong Kong, India
In CanadaCanada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
, Hong Kong
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
, and India
India
India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world...
the government's financial year runs from April 1 to March 31 (Example April 1, 2011 to March 31, 2012 for the current financial year).
China
The fiscal year for all entities starts on January 1 and ends December 31, consistent with the calendar year, to match the tax year, statutory year, and planning year.Egypt
In the Arab Republic of Egypt, the fiscal year starts on July 1 and concludes on June 30.France
Effective 1911:-Fiscal year is calendar year (Ref Hansard; HC Deb 22 March 1911 vol 23 cc378-82; McKENNA)
Germany
Fiscal year is the calendar year (1st October - 30 Sep, § 4 BHO).Ireland
IrelandRepublic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
also used the year ending April 5 until 2001 when it was changed, at the request of Finance Minister Charlie McCreevy
Charlie McCreevy
Charles "Charlie" McCreevy is a former Irish politician. He was the European Commissioner for Internal Market and Services from 2004–2010. He was first elected to Dáil Éireann as a Fianna Fáil TD in 1977 and held the seat in Kildare until 2004 when he became Ireland's European Commissioner...
, to match the calendar year (the 2001 tax year was nine months, from April to December).
Italy
Effective 1911:-Fiscal year is 1 July through 30 June (Ref Hansard; HC Deb 22 March 1911 vol 23 cc378-82; McKENNA)
Japan
In JapanJapan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
, the government's financial year runs from April 1 to March 31. 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 April 1, 2010 to March 31, 2011 is called 2010-nendo.
Japan's income tax
Income tax
An income tax is a tax levied on the income of individuals or businesses . Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate...
year runs from January 1 to December 31, but corporate tax
Corporate tax
Many countries impose corporate tax or company tax on the income or capital of some types of legal entities. A similar tax may be imposed at state or lower levels. The taxes may also be referred to as income tax or capital tax. Entities treated as partnerships are generally not taxed at the...
is charged according to the corporation's own one-year period.
New Zealand
The New Zealand Government's fiscal and financial reporting year begins on July 1 and concludes on June 30 of the following year and applies to the budget. The company and personal financial year begins on April 1 and finishes on March 31 and applies to company and personal income tax.Pakistan
The Pakistan GovernmentGovernment of Pakistan
The Government of Pakistan is a federal parliamentary system, with an indirectly-elected President as the Head of State and Commander in Chief of the Pakistani Armed Forces, and an indirectly-elected Prime Minister as the Head of Government. The President’s appointment and term are...
's fiscal year starts on July 1 of the previous calendar year and concludes on June 30. Private companies are free to observe their own accounting year, which may not be the same as Government of Pakistan's fiscal year.
Russia
Effective 1911:-Fiscal year is calendar year (Ref Hansard; HC Deb 22 March 1911 vol 23 cc378-82; McKENNA)
Singapore
The fiscal year for the calculation of personal income taxes runs from 1 January to 31 December.The fiscal year for the Government of Singapore
Government of Singapore
The Government of Singapore is defined by the Constitution of the Republic of Singapore to mean the Executive branch of government, which is made up of the President and the Cabinet of Singapore. Although the President acts in his personal discretion in the exercise of certain functions as a check...
and many government-linked corporations
Government-owned corporation
A government-owned corporation, state-owned company, state-owned entity, state enterprise, publicly owned corporation, government business enterprise, or parastatal is a legal entity created by a government to undertake commercial activities on behalf of an owner government...
runs from 1 April to 31 March.
Corporations and organisations are permitted to select any date to mark the end of each fiscal year, as long as this date remains constant.
Sweden
The fiscal year for individuals run from 1 January to 31 December.The fiscal year for an organisation is typically one of the following (cf. Swedish Wikipedia):
- 1 January to 31 December
- 1 May to 30 April
- 1 July to 30 June
- 1 September to 31 August
If an organisation wishes to use any other period, the organisation has to ask the tax authorities for permission.
Taiwan
Under the Income Tax Act of Taiwan, the fiscal year commences on January 1 and ends on December 31 of each calendar year. 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
Thai government's fiscal year begins on October 1 of the previous calendar year and ends on 30 September of the next year.United Arab Emirates
In the United Arab EmiratesUnited Arab Emirates
The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a...
, the fiscal year starts on January 1 and ends December 31.
United Kingdom
In the United KingdomUnited Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
, the fiscal year for the purposes of personal taxation and payment of state benefits runs from April 6 to April 5. However the year should run from April 1 to March 31 for the purposes of corporation tax and government financial statements.
Although United Kingdom corporation tax
United Kingdom corporation tax
Corporation tax is a tax levied in the United Kingdom on the profits made by companies and on the profits of permanent establishments of non-UK resident companies and associations that trade in the EU. Prior to the tax's enactment on 1 April 1965, companies and individuals paid the same income 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.
The April 5 year end for personal tax and benefits reflects the old ecclesiastical calendar, with New Year
New Year
The New Year is the day that marks the time of the beginning of a new calendar year, and is the day on which the year count of the specific calendar used is incremented. For many cultures, the event is celebrated in some manner....
falling on March 25 (Lady Day
Lady Day
In the western Liturgical year, Lady Day is the traditional name of the Feast of the Annunciation of the Blessed Virgin in some English speaking countries. It is the first of the four traditional English quarter days. The "Lady" was the Virgin Mary. The term derives from Middle English, when some...
), the difference being accounted for by the eleven days "missed out" when Great Britain
Kingdom of Great Britain
The former Kingdom of Great Britain, sometimes described as the 'United Kingdom of Great Britain', That the Two Kingdoms of Scotland and England, shall upon the 1st May next ensuing the date hereof, and forever after, be United into One Kingdom by the Name of GREAT BRITAIN. was a sovereign...
converted from the Julian Calendar
Julian calendar
The Julian calendar began in 45 BC as a reform of the Roman calendar by Julius Caesar. It was chosen after consultation with the astronomer Sosigenes of Alexandria and was probably designed to approximate the tropical year .The Julian calendar has a regular year of 365 days divided into 12 months...
to the Gregorian Calendar
Gregorian calendar
The Gregorian calendar, also known as the Western calendar, or Christian calendar, is the internationally accepted civil calendar. It was introduced by Pope Gregory XIII, after whom the calendar was named, by a decree signed on 24 February 1582, a papal bull known by its opening words Inter...
in 1752 (the British tax authorities, and landlords were unwilling to lose 11 days of tax and rent revenue, so under provision 6 (Times of Payment of Rents, Annuities, &c.) of the Calendar (New Style) Act 1750
Calendar (New Style) Act 1750
The Calendar Act 1750 is an Act of the Parliament of Great Britain...
, the 1752–3 tax year was extended by 11 days). From 1753 until 1799, the tax year in Great Britain began on April 5, which was the "old style
Old Style and New Style dates
Old Style and New Style are used in English language historical studies either to indicate that the start of the Julian year has been adjusted to start on 1 January even though documents written at the time use a different start of year ; or to indicate that a date conforms to the Julian...
" new year of March 25. A 12th skipped Julian leap day in 1800 changed its start to April 6. It was not changed when a 13th Julian leap day was skipped in 1900, so the personal tax year in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
is still April 6.
United States
The U.S. government's fiscal year begins on October 1 of the previous calendar year and ends on September 30 of the year with which it is numbered. Prior to 1976, the fiscal year began on July 1 and ended on June 30. The Congressional Budget and Impoundment Control Act of 1974Congressional Budget and Impoundment Control Act of 1974
The Congressional Budget and Impoundment Control Act of 1974 is a United States federal law that governs the role of the Congress in the United States budget process.-The Congressional budget process:...
stipulated 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 July 1, 1976 to September 30, 1976. As stated above, the tax year for a business is governed by the fiscal year it chooses.
For example, the United States government
Federal government of the United States
The federal government of the United States is the national government of the constitutional republic of fifty states that is the United States of America. The federal government comprises three distinct branches of government: a legislative, an executive and a judiciary. These branches and...
fiscal year for 2012 ("FY 2012" or "FY12") is as follows:
- 1st Quarter: October 1, 2011 - December 31, 2011
- 2nd Quarter: January 1, 2012 - March 31, 2012
- 3rd Quarter: April 1, 2012 - June 30, 2012
- 4th Quarter: July 1, 2012 - September 30, 2012
Chart of various fiscal years
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| Country | Purpose | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 |
| Australia Australia Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area... |
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| Canada Canada Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean... |
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| Costa Rica Costa Rica Costa Rica , officially the Republic of Costa Rica is a multilingual, multiethnic and multicultural country in Central America, bordered by Nicaragua to the north, Panama to the southeast, the Pacific Ocean to the west and the Caribbean Sea to the east.... |
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| Hong Kong Hong Kong Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour... |
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| India India India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world... |
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| China People's Republic of China China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres... |
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| Germany Germany Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate... |
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| Portugal Portugal Portugal , officially the Portuguese Republic is a country situated in southwestern Europe on the Iberian Peninsula. Portugal is the westernmost country of Europe, and is bordered by the Atlantic Ocean to the West and South and by Spain to the North and East. The Atlantic archipelagos of the... |
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| Taiwan Republic of China The Republic of China , commonly known as Taiwan , is a unitary sovereign state located in East Asia. Originally based in mainland China, the Republic of China currently governs the island of Taiwan , which forms over 99% of its current territory, as well as Penghu, Kinmen, Matsu and other minor... |
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| Egypt Egypt Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world... |
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| Ireland Republic of Ireland Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,... |
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| Japan Japan Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south... |
govt | ||||||||||||||||||||||||
| corp. and pers. | |||||||||||||||||||||||||
| New Zealand New Zealand New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga... |
govt | ||||||||||||||||||||||||
| corp. and pers. | |||||||||||||||||||||||||
| Pakistan Pakistan Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan... |
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| Singapore Singapore Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the... |
govt | ||||||||||||||||||||||||
| pers | |||||||||||||||||||||||||
| Sweden Sweden Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund.... |
pers. | ||||||||||||||||||||||||
| corp. | |||||||||||||||||||||||||
| United Arab Emirates United Arab Emirates The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a... |
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| United Kingdom United Kingdom The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages... |
pers. | 6 April | |||||||||||||||||||||||
| corp. and govt | |||||||||||||||||||||||||
| United States United States The United States of America is a federal constitutional republic comprising fifty states and a federal district... |
govt | ||||||||||||||||||||||||
| Country | Purpose | J | F | M | A | M | J | J | A | S | O | N | D | J | F | M | A | M | J | J | A | S | O | N | D |
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| Country | Purpose | J | F | M | A | M | J | J | A | S | O | N | D | J | F | M | A | M | J | J | A | S | O | N | D |
| China People's Republic of China China , officially the People's Republic of China , is the most populous country in the world, with over 1.3 billion citizens. Located in East Asia, the country covers approximately 9.6 million square kilometres... |
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| Germany Germany Germany , officially the Federal Republic of Germany , is a federal parliamentary republic in Europe. The country consists of 16 states while the capital and largest city is Berlin. Germany covers an area of 357,021 km2 and has a largely temperate seasonal climate... |
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| Ireland Republic of Ireland Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,... |
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| Japan Japan Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south... |
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| Singapore Singapore Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the... |
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| Sweden Sweden Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund.... |
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| Sweden Sweden Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund.... |
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| Taiwan Republic of China The Republic of China , commonly known as Taiwan , is a unitary sovereign state located in East Asia. Originally based in mainland China, the Republic of China currently governs the island of Taiwan , which forms over 99% of its current territory, as well as Penghu, Kinmen, Matsu and other minor... |
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| United Arab Emirates United Arab Emirates The United Arab Emirates, abbreviated as the UAE, or shortened to "the Emirates", is a state situated in the southeast of the Arabian Peninsula in Western Asia on the Persian Gulf, bordering Oman, and Saudi Arabia, and sharing sea borders with Iraq, Kuwait, Bahrain, Qatar, and Iran.The UAE is a... |
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| Canada Canada Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean... |
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| Hong Kong Hong Kong Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour... |
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| India India India , officially the Republic of India , is a country in South Asia. It is the seventh-largest country by geographical area, the second-most populous country with over 1.2 billion people, and the most populous democracy in the world... |
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| Japan Japan Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south... |
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| New Zealand New Zealand New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga... |
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| Singapore Singapore Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the... |
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| United Kingdom United Kingdom The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages... |
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| United Kingdom United Kingdom The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages... |
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| Sweden Sweden Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund.... |
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| Australia Australia Australia , officially the Commonwealth of Australia, is a country in the Southern Hemisphere comprising the mainland of the Australian continent, the island of Tasmania, and numerous smaller islands in the Indian and Pacific Oceans. It is the world's sixth-largest country by total area... |
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| Egypt Egypt Egypt , officially the Arab Republic of Egypt, Arabic: , is a country mainly in North Africa, with the Sinai Peninsula forming a land bridge in Southwest Asia. Egypt is thus a transcontinental country, and a major power in Africa, the Mediterranean Basin, the Middle East and the Muslim world... |
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| New Zealand New Zealand New Zealand is an island country in the south-western Pacific Ocean comprising two main landmasses and numerous smaller islands. The country is situated some east of Australia across the Tasman Sea, and roughly south of the Pacific island nations of New Caledonia, Fiji, and Tonga... |
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| Pakistan Pakistan Pakistan , officially the Islamic Republic of Pakistan is a sovereign state in South Asia. It has a coastline along the Arabian Sea and the Gulf of Oman in the south and is bordered by Afghanistan and Iran in the west, India in the east and China in the far northeast. In the north, Tajikistan... |
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| Sweden Sweden Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund.... |
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| Sweden Sweden Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund.... |
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| Costa Rica Costa Rica Costa Rica , officially the Republic of Costa Rica is a multilingual, multiethnic and multicultural country in Central America, bordered by Nicaragua to the north, Panama to the southeast, the Pacific Ocean to the west and the Caribbean Sea to the east.... |
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| United States United States The United States of America is a federal constitutional republic comprising fifty states and a federal district... |
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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. In federal countries (e.g., United States, Canada, Switzerland), state/provincial/cantonal tax years must be the same as the federal year. 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:
- United Kingdom: individuals pay tax on a year ending April 5.
- 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.