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United Kingdom Economy: Population, GDP, Inflation …

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The United Kingdoms economic freedom score is 78.0, making its economy the 8th freest in the 2018 Index. Its overall score has increased by 1.6 points, led by significantly higher scores for the fiscal health and government spending indicators. The U.K. is ranked 4th among 44 countries in the Europe region, and its overall score is above the regional and world averages.

The process of exiting the European Union will afford the government opportunities to correct any remaining structural deficiencies that might be holding back an already high-performing economy. The U.K. showed resilience in recovering from the financial crisis, aided by effective rule of law, an open trade regime, and a well-developed financial sector. The already liberal labor market can be made more flexible after Brexit. The U.K. has one of the worlds most efficient business and investment environments and will soon be open to expanded global trade relationships.

Following Prime Minister Margaret Thatchers market reforms in the 1980s, Britains economy grew steadily throughout the 1990s. It is now the worlds fifth largest. After successive Labour governments in the early 2000s, the Conservatives returned to power in 2010. In June 2016, the U.K. voted by popular referendum to leave the European Union. Prime Minister David Cameron had opposed Brexit and resigned. His successor, Theresa May, is negotiating the nations exit from the EU. The Conservative Party lost its parliamentary majority in June 2017 but stayed in power with the support of Northern Irelands Democratic Unionist Party. Services, particularly banking, insurance, and business services, are key drivers of GDP growth. Large oil and natural gas reserves are declining.

The U.K. is a mature nation with an accountable democracy where private property rights and contracts are very secure. The judiciary is largely seen as impartial, efficient, and independent. Protection of intellectual property rights is effective. The rule of law is well established, and the overall strength of the political system was vividly illustrated by the resignation of the former prime minister following his Brexit defeat.

The top personal income tax rate is 45 percent. The top corporate tax rate has been reduced to 20 percent. Other taxes include value-added and environment taxes. The overall tax burden equals 32.5 percent of total domestic income. Over the past three years, government spending has amounted to 43.0 percent of total output (GDP), and budget deficits have averaged 4.4 percent of GDP. Public debt is equivalent to 89.2 percent of GDP.

The United Kingdom is a business-friendly country with regulations that are conducive to entrepreneurial activity. In March 2017, the employment-to-population ratio was the highest since 1791. Demand for high-skill, high-technology jobs outpaces the number of work-ready graduates that the educational system can produce. The U.K. has few price controls but does regulate rates for most utilities and partly controls the price of prescription drugs.

Trade is significant for the United Kingdoms economy; the combined value of exports and imports equals 58 percent of GDP. The average applied tariff rate is 1.6 percent. Nontariff barriers impede some trade. In general, government policies do not significantly interfere with foreign investment. Foreign and domestic investors generally are treated equally under the law. The highly competitive banking sector offers a wide range of financial services.

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United Kingdom Economy: Population, GDP, Inflation …

Fiscal year – Wikipedia

A fiscal year (or financial year, or sometimes budget year) is the period used by governments for accounting and budget purposes, which vary between countries. It is also used for financial reporting by business and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis, but generally do not require the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxation, such as income tax. Many annual government feessuch as Council rates, licence fees, etc.are also levied on a fiscal year basis, while others are charged on an anniversary basis.

The “fiscal year end” (FYE) is the date that marks the end of the fiscal year. Some companiessuch as Cisco Systems[1]end their fiscal year on the same day of the week each year, e.g. the day that is closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years will 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 a majority of large corporations in the UK[2] and elsewhere, with notable exceptions being in Australia, New Zealand and Japan.[3]

Many universities have a fiscal year which ends during the summer to align the fiscal year with the academic year (and, in some cases involving public universities, with the state government’s fiscal year), and because the university is normally less busy during the summer months. In the northern hemisphere this is July to the next June. In the southern hemisphere this is calendar year, January to December. Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year.

The fiscal year is usually denoted by the year in which it ends, so United States federal government spending incurred on 14 November 2018 would belong to fiscal year 2019, operating on a fiscal calendar of OctoberSeptember.[4]

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.[5] 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 June 30 fiscal year-end date when the federal government switched to September 30 in 1976. Nearly all jurisdictions require that the tax year be 12 months or 52/53 weeks.[6] However, short years are permitted as the first year or when changing tax years.[7]

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.[6]

In some jurisdictions, particularly those that permit tax consolidation, companies that are part of a group of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the 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.[citation needed]

In Afghanistan, the fiscal year was recently[timeframe?] changed from 1 Hamal 29 Hoot (21 March 20 March) to 1 Jadi 30 Qaus (21 December 20 December). The fiscal year runs with the Afghan calendar, thus resulting in difference of the Gregorian dates once in a four-year span.[citation needed]

In Australia, a fiscal year is commonly called a “financial year” (FY) and starts on 1 July and ends on the next 30 June. Financial years are designated by the calendar year of the second half of the period. For example, financial year 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.[8] Business enterprises may opt to use a financial year that ends at the end of a week (e.g., 52 or 53 weeks in length, and therefore is not exactly one calendar year in length), or opt for its financial year to end on a date that matches the reporting cycle of its foreign parent. All entities within the one group must use the same financial year.

For government accounting and budget purposes, pre-Federation colonies changed the financial year from the calendar year to a year ending 30 June on the following dates: Victoria changed in 1870, South Australia in 1874, Queensland in 1875, Western Australia in 1892, New South Wales in 1895 and Tasmania in 1904. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901.[10] 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.[10]

The Financial year is split into the following four quarters [11]

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

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

In Belarus, the fiscal year is the calendar year, 1 January to 31 December.[12]

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

In Bulgaria, the fiscal year is the calendar year, 1 January to 31 December, both for personal income tax[13] and for corporate taxes.[14]

In Canada,[15] 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.

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

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

In Costa Rica, the fiscal year is 1 October to 30 September.

In the Arab Republic of Egypt, the fiscal year is 1 July to 30 June.[citation needed]

In France, the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911.[16]

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

In Hong Kong,[17] the government’s financial year runs from 1 April to 31 March.

In India, the government’s financial year runs from 1 April to 31 March. It is abbreviated as a FY19.[18][19]

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.[20][21] Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April.[22]

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.[22] A panel set up by the NITI Aayog in July 2016, recommended starting the next fiscal year from 1 January to 31 December after the end of the current five-year plan.[23]

On 4 May 2017, Madhya Pradesh announced that it would move to a JanuaryDecember financial year, becoming the first Indian state to do so. But later it dropped the idea.[24]

In Indonesia, the fiscal year is the calendar year, 1 January to 31 December.[25]

In Iran, the fiscal year usually starts on 21 March (1st of Farvardin) and concludes on next year’s 20 March (29th of Esfand) in Solar Hijri calendar [26]

Until 2001, the fiscal year in Ireland was the year ending 5 April, as in the United Kingdom. From 2002, to coincide with the introduction of the euro, it was changed to the calendar year, 1 January to 31 December. The 2001 tax year was nine months, from April to December.[27]

In Israel, the fiscal year is the calendar year, 1 January to 31 December.[28]

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

In Japan,[29] 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 (); for example the fiscal year from 1 April 2018 to 31 March 2019 is called 2018nendo.

Japan’s income tax year is 1 January to 31 December, but corporate tax is charged according to the corporation’s own annual period.[citation needed]

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

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

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

In Nepal, the fiscal year is 1 Shrawan (4th month of Bikram calendar) to 31 Ashad (3rd month of Bikram calendar). Shrawan 1 roughly falls in mid-July.[31]

In New Zealand, the government’s fiscal[32] and financial reporting[33] year is 1 July to the next 30 June[34] and applies also to the budget. The company and personal financial year[35] is 1 April to 31 March and applies to company and personal income tax.

The Pakistani 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.[36]

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

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

In Romania, the fiscal year is the calendar year, 1 January to 31 December.[37]

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

The fiscal year for the calculation of personal income taxes is 1 January to 31 December.[citation needed]

The fiscal year for the Government of Singapore and many government-linked corporations is 1 April to 31 March.[citation needed]

Corporations and organisations are permitted to select any date as the end of each fiscal year, as long as this date remains constant.[citation needed]

In South Africa, the fiscal year for the Government of South Africa is 1 April to 31 March.[citation needed]

The year of assessment for individuals covers twelve months, 1 March to the final day of February the following year. The Act also provides for certain classes of taxpayers to have a year of assessment ending on a day other than the last day of February. Companies are permitted to have a tax year ending on a date that coincides with their financial year. Many older companies still use a tax year that runs from 1 July to 30 June, inherited from the British system. A common practice for newer companies is to run their tax year from 1 March to the final day of February following, to synchronize with the tax year for individuals.[citation needed]

In South Korea, the fiscal year is the calendar year, 1 January to 31 December.[38]

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

In Sweden, the fiscal year for individuals is the calendar year, 1 January to 31 December.[40]

The fiscal year for an organisation is typically one of the following:

However, all calendar months are allowed. If an organisation wishes to change into a non-calendar year, permission from the Tax Authority is required.[41][42]

In Taiwan, the fiscal year is the calendar year, 1 January to 31 December. However, an enterprise may elect to adopt a special fiscal year at the time it is established and can request approval from the tax authorities to change its fiscal year.[43]

In Thailand, the government’s fiscal year (FY) is 1 October to 30 September of the following year.[44] For individual taxpayers it is the calendar year, 1 January to 31 December.

In Ukraine, the fiscal year is the calendar year, 1 January to 31 December.[45]

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

In the United Kingdom,[46] the financial year runs from 1 April to 31 March for the purposes of government financial statements.[47] For personal tax purposes the fiscal year starts on 6 April and ends on 5 April of the next calendar year.[48]

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.[citation needed]

A number of major corporations that were once government-owned, such as BT Group and the National Grid, continue to use the government’s financial year, which ends on the last day of March, as they have found no reason to change since privatisation.[citation needed]

The 5 April year end for personal tax and benefits reflects the old ecclesiastical calendar, with New Year falling on 25 March (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 September 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 17523 tax year was extended by 11 days). From 1753 until 1799, the tax year in Great Britain began on 5 April, which was the “old style” new year of 25 March. A 12th skipped Julian leap day in 1800 changed its start to 6 April. It was not changed when a 13th Julian leap day was skipped in 1900, so the start of the personal tax year in the United Kingdom is still 6 April.[49][50][51]

The United States federal government’s fiscal year is the 12-month period beginning October 1 and ending September 30 the following year. The identification of a fiscal year is the calendar year in which it ends; thus, the current fiscal year is 2018, often written as “FY2018” or “FY18”, which began on 1 October 2017 and will end on 30 September 2018.

Prior to 1976, the fiscal year began on 1 July and ended on 30 June. The Congressional Budget and Impoundment Control Act of 1974 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.[52]

For example, the United States government fiscal year for 2018 is:

State governments set their own fiscal year. Forty-six of the fifty states set their fiscal year to end on June 30.[53] Four states have fiscal years that end on a different date:

The fiscal year for the Washington, D.C. government ends on September 30.[54]

Among the inhabited territories of the United States, most align with the federal fiscal year, ending on September 30. These include American Samoa, Guam, the Northern Mariana Islands and the U.S. Virgin Islands.[53] Puerto Rico is the exception, with its fiscal year ending on June 30.

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.

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Fiscal year – Wikipedia

Fiscal year – Wikipedia

A fiscal year (or financial year, or sometimes budget year) is the period used by governments for accounting and budget purposes, which vary between countries. It is also used for financial reporting by business and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis, but generally do not require the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxation, such as income tax. Many annual government feessuch as Council rates, licence fees, etc.are also levied on a fiscal year basis, while others are charged on an anniversary basis.

The “fiscal year end” (FYE) is the date that marks the end of the fiscal year. Some companiessuch as Cisco Systems[1]end their fiscal year on the same day of the week each year, e.g. the day that is closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years will 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 a majority of large corporations in the UK[2] and elsewhere, with notable exceptions being in Australia, New Zealand and Japan.[3]

Many universities have a fiscal year which ends during the summer to align the fiscal year with the academic year (and, in some cases involving public universities, with the state government’s fiscal year), and because the university is normally less busy during the summer months. In the northern hemisphere this is July to the next June. In the southern hemisphere this is calendar year, January to December. Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year.

The fiscal year is usually denoted by the year in which it ends, so United States federal government spending incurred on 14 November 2018 would belong to fiscal year 2019, operating on a fiscal calendar of OctoberSeptember.[4]

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.[5] 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 June 30 fiscal year-end date when the federal government switched to September 30 in 1976. Nearly all jurisdictions require that the tax year be 12 months or 52/53 weeks.[6] However, short years are permitted as the first year or when changing tax years.[7]

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.[6]

In some jurisdictions, particularly those that permit tax consolidation, companies that are part of a group of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the 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.[citation needed]

In Afghanistan, the fiscal year was recently[timeframe?] changed from 1 Hamal 29 Hoot (21 March 20 March) to 1 Jadi 30 Qaus (21 December 20 December). The fiscal year runs with the Afghan calendar, thus resulting in difference of the Gregorian dates once in a four-year span.[citation needed]

In Australia, a fiscal year is commonly called a “financial year” (FY) and starts on 1 July and ends on the next 30 June. Financial years are designated by the calendar year of the second half of the period. For example, financial year 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.[8] Business enterprises may opt to use a financial year that ends at the end of a week (e.g., 52 or 53 weeks in length, and therefore is not exactly one calendar year in length), or opt for its financial year to end on a date that matches the reporting cycle of its foreign parent. All entities within the one group must use the same financial year.

For government accounting and budget purposes, pre-Federation colonies changed the financial year from the calendar year to a year ending 30 June on the following dates: Victoria changed in 1870, South Australia in 1874, Queensland in 1875, Western Australia in 1892, New South Wales in 1895 and Tasmania in 1904. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901.[10] 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.[10]

The Financial year is split into the following four quarters [11]

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

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

In Belarus, the fiscal year is the calendar year, 1 January to 31 December.[12]

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

In Bulgaria, the fiscal year is the calendar year, 1 January to 31 December, both for personal income tax[13] and for corporate taxes.[14]

In Canada,[15] 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.

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

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

In Costa Rica, the fiscal year is 1 October to 30 September.

In the Arab Republic of Egypt, the fiscal year is 1 July to 30 June.[citation needed]

In France, the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911.[16]

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

In Hong Kong,[17] the government’s financial year runs from 1 April to 31 March.

In India, the government’s financial year runs from 1 April to 31 March. It is abbreviated as a FY19.[18][19]

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.[20][21] Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April.[22]

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.[22] A panel set up by the NITI Aayog in July 2016, recommended starting the next fiscal year from 1 January to 31 December after the end of the current five-year plan.[23]

On 4 May 2017, Madhya Pradesh announced that it would move to a JanuaryDecember financial year, becoming the first Indian state to do so. But later it dropped the idea.[24]

In Indonesia, the fiscal year is the calendar year, 1 January to 31 December.[25]

In Iran, the fiscal year usually starts on 21 March (1st of Farvardin) and concludes on next year’s 20 March (29th of Esfand) in Solar Hijri calendar [26]

Until 2001, the fiscal year in Ireland was the year ending 5 April, as in the United Kingdom. From 2002, to coincide with the introduction of the euro, it was changed to the calendar year, 1 January to 31 December. The 2001 tax year was nine months, from April to December.[27]

In Israel, the fiscal year is the calendar year, 1 January to 31 December.[28]

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

In Japan,[29] 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 (); for example the fiscal year from 1 April 2018 to 31 March 2019 is called 2018nendo.

Japan’s income tax year is 1 January to 31 December, but corporate tax is charged according to the corporation’s own annual period.[citation needed]

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

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

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

In Nepal, the fiscal year is 1 Shrawan (4th month of Bikram calendar) to 31 Ashad (3rd month of Bikram calendar). Shrawan 1 roughly falls in mid-July.[31]

In New Zealand, the government’s fiscal[32] and financial reporting[33] year is 1 July to the next 30 June[34] and applies also to the budget. The company and personal financial year[35] is 1 April to 31 March and applies to company and personal income tax.

The Pakistani 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.[36]

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

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

In Romania, the fiscal year is the calendar year, 1 January to 31 December.[37]

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

The fiscal year for the calculation of personal income taxes is 1 January to 31 December.[citation needed]

The fiscal year for the Government of Singapore and many government-linked corporations is 1 April to 31 March.[citation needed]

Corporations and organisations are permitted to select any date as the end of each fiscal year, as long as this date remains constant.[citation needed]

In South Africa, the fiscal year for the Government of South Africa is 1 April to 31 March.[citation needed]

The year of assessment for individuals covers twelve months, 1 March to the final day of February the following year. The Act also provides for certain classes of taxpayers to have a year of assessment ending on a day other than the last day of February. Companies are permitted to have a tax year ending on a date that coincides with their financial year. Many older companies still use a tax year that runs from 1 July to 30 June, inherited from the British system. A common practice for newer companies is to run their tax year from 1 March to the final day of February following, to synchronize with the tax year for individuals.[citation needed]

In South Korea, the fiscal year is the calendar year, 1 January to 31 December.[38]

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

In Sweden, the fiscal year for individuals is the calendar year, 1 January to 31 December.[40]

The fiscal year for an organisation is typically one of the following:

However, all calendar months are allowed. If an organisation wishes to change into a non-calendar year, permission from the Tax Authority is required.[41][42]

In Taiwan, the fiscal year is the calendar year, 1 January to 31 December. However, an enterprise may elect to adopt a special fiscal year at the time it is established and can request approval from the tax authorities to change its fiscal year.[43]

In Thailand, the government’s fiscal year (FY) is 1 October to 30 September of the following year.[44] For individual taxpayers it is the calendar year, 1 January to 31 December.

In Ukraine, the fiscal year is the calendar year, 1 January to 31 December.[45]

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

In the United Kingdom,[46] the financial year runs from 1 April to 31 March for the purposes of government financial statements.[47] For personal tax purposes the fiscal year starts on 6 April and ends on 5 April of the next calendar year.[48]

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.[citation needed]

A number of major corporations that were once government-owned, such as BT Group and the National Grid, continue to use the government’s financial year, which ends on the last day of March, as they have found no reason to change since privatisation.[citation needed]

The 5 April year end for personal tax and benefits reflects the old ecclesiastical calendar, with New Year falling on 25 March (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 September 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 17523 tax year was extended by 11 days). From 1753 until 1799, the tax year in Great Britain began on 5 April, which was the “old style” new year of 25 March. A 12th skipped Julian leap day in 1800 changed its start to 6 April. It was not changed when a 13th Julian leap day was skipped in 1900, so the start of the personal tax year in the United Kingdom is still 6 April.[49][50][51]

The United States federal government’s fiscal year is the 12-month period beginning October 1 and ending September 30 the following year. The identification of a fiscal year is the calendar year in which it ends; thus, the current fiscal year is 2018, often written as “FY2018” or “FY18”, which began on 1 October 2017 and will end on 30 September 2018.

Prior to 1976, the fiscal year began on 1 July and ended on 30 June. The Congressional Budget and Impoundment Control Act of 1974 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.[52]

For example, the United States government fiscal year for 2018 is:

State governments set their own fiscal year. Forty-six of the fifty states set their fiscal year to end on June 30.[53] Four states have fiscal years that end on a different date:

The fiscal year for the Washington, D.C. government ends on September 30.[54]

Among the inhabited territories of the United States, most align with the federal fiscal year, ending on September 30. These include American Samoa, Guam, the Northern Mariana Islands and the U.S. Virgin Islands.[53] Puerto Rico is the exception, with its fiscal year ending on June 30.

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.

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Fiscal year – Wikipedia

Freedom in the 50 States 2015-2016 | Overall Freedom …

William P. Ruger

William P. Ruger is Vice President of Policy and Research at the Charles Koch Institute and Charles Koch Foundation. Ruger is the author of the biography Milton Friedman and a coauthor of The State of Texas: Government, Politics, and Policy. His work has been published in International Studies Quarterly, State Politics and Policy Quarterly, Armed Forces and Society, and other outlets. Ruger earned an AB from the College of William and Mary and a PhD in politics from Brandeis University. He is a veteran of the war in Afghanistan.

Jason Sorens is Lecturer in the Department of Government at Dartmouth College. His primary research interests include fiscal federalism, public policy in federal systems, secessionism, and ethnic politics. His work has been published in International Studies Quarterly, Comparative Political Studies, Journal of Peace Research, State Politics and Policy Quarterly, and other academic journals, and his book Secessionism: Identity, Interest, and Strategy was published by McGill-Queens University Press in 2012. Sorens received his BA in economics and philosophy, with honors, from Washington and Lee University and his PhD in political science from Yale University.

More here:

Freedom in the 50 States 2015-2016 | Overall Freedom …

United Kingdom Economy: Population, GDP, Inflation …

Download PDF Quick Facts

The United Kingdoms economic freedom score is 78.0, making its economy the 8th freest in the 2018 Index. Its overall score has increased by 1.6 points, led by significantly higher scores for the fiscal health and government spending indicators. The U.K. is ranked 4th among 44 countries in the Europe region, and its overall score is above the regional and world averages.

The process of exiting the European Union will afford the government opportunities to correct any remaining structural deficiencies that might be holding back an already high-performing economy. The U.K. showed resilience in recovering from the financial crisis, aided by effective rule of law, an open trade regime, and a well-developed financial sector. The already liberal labor market can be made more flexible after Brexit. The U.K. has one of the worlds most efficient business and investment environments and will soon be open to expanded global trade relationships.

Following Prime Minister Margaret Thatchers market reforms in the 1980s, Britains economy grew steadily throughout the 1990s. It is now the worlds fifth largest. After successive Labour governments in the early 2000s, the Conservatives returned to power in 2010. In June 2016, the U.K. voted by popular referendum to leave the European Union. Prime Minister David Cameron had opposed Brexit and resigned. His successor, Theresa May, is negotiating the nations exit from the EU. The Conservative Party lost its parliamentary majority in June 2017 but stayed in power with the support of Northern Irelands Democratic Unionist Party. Services, particularly banking, insurance, and business services, are key drivers of GDP growth. Large oil and natural gas reserves are declining.

The U.K. is a mature nation with an accountable democracy where private property rights and contracts are very secure. The judiciary is largely seen as impartial, efficient, and independent. Protection of intellectual property rights is effective. The rule of law is well established, and the overall strength of the political system was vividly illustrated by the resignation of the former prime minister following his Brexit defeat.

The top personal income tax rate is 45 percent. The top corporate tax rate has been reduced to 20 percent. Other taxes include value-added and environment taxes. The overall tax burden equals 32.5 percent of total domestic income. Over the past three years, government spending has amounted to 43.0 percent of total output (GDP), and budget deficits have averaged 4.4 percent of GDP. Public debt is equivalent to 89.2 percent of GDP.

The United Kingdom is a business-friendly country with regulations that are conducive to entrepreneurial activity. In March 2017, the employment-to-population ratio was the highest since 1791. Demand for high-skill, high-technology jobs outpaces the number of work-ready graduates that the educational system can produce. The U.K. has few price controls but does regulate rates for most utilities and partly controls the price of prescription drugs.

Trade is significant for the United Kingdoms economy; the combined value of exports and imports equals 58 percent of GDP. The average applied tariff rate is 1.6 percent. Nontariff barriers impede some trade. In general, government policies do not significantly interfere with foreign investment. Foreign and domestic investors generally are treated equally under the law. The highly competitive banking sector offers a wide range of financial services.

Read more:

United Kingdom Economy: Population, GDP, Inflation …

Fiscal year – Wikipedia

A fiscal year (or financial year, or sometimes budget year) is the period used by governments for accounting and budget purposes, which vary between countries. It is also used for financial reporting by business and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis, but generally do not require the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxation, such as income tax. Many annual government feessuch as Council rates, licence fees, etc.are also levied on a fiscal year basis, while others are charged on an anniversary basis.

The “fiscal year end” (FYE) is the date that marks the end of the fiscal year. Some companiessuch as Cisco Systems[1]end their fiscal year on the same day of the week each year, e.g. the day that is closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years will 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 a majority of large corporations in the UK[2] and elsewhere, with notable exceptions being in Australia, New Zealand and Japan.[3]

Many universities have a fiscal year which ends during the summer to align the fiscal year with the academic year (and, in some cases involving public universities, with the state government’s fiscal year), and because the university is normally less busy during the summer months. In the northern hemisphere this is July to the next June. In the southern hemisphere this is calendar year, January to December. Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year.

The fiscal year is usually denoted by the year in which it ends, so United States federal government spending incurred on 14 November 2018 would belong to fiscal year 2019, operating on a fiscal calendar of OctoberSeptember.[4]

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.[5] 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 June 30 fiscal year-end date when the federal government switched to September 30 in 1976. Nearly all jurisdictions require that the tax year be 12 months or 52/53 weeks.[6] However, short years are permitted as the first year or when changing tax years.[7]

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.[6]

In some jurisdictions, particularly those that permit tax consolidation, companies that are part of a group of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the 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.[citation needed]

In Afghanistan, the fiscal year was recently[timeframe?] changed from 1 Hamal 29 Hoot (21 March 20 March) to 1 Jadi 30 Qaus (21 December 20 December). The fiscal year runs with the Afghan calendar, thus resulting in difference of the Gregorian dates once in a four-year span.[citation needed]

In Australia, a fiscal year is commonly called a “financial year” (FY) and starts on 1 July and ends on the next 30 June. Financial years are designated by the calendar year of the second half of the period. For example, financial year 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.[8] Business enterprises may opt to use a financial year that ends at the end of a week (e.g., 52 or 53 weeks in length, and therefore is not exactly one calendar year in length), or opt for its financial year to end on a date that matches the reporting cycle of its foreign parent. All entities within the one group must use the same financial year.

For government accounting and budget purposes, pre-Federation colonies changed the financial year from the calendar year to a year ending 30 June on the following dates: Victoria changed in 1870, South Australia in 1874, Queensland in 1875, Western Australia in 1892, New South Wales in 1895 and Tasmania in 1904. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901.[10] 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.[10]

The Financial year is split into the following four quarters [11]

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

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

In Belarus, the fiscal year is the calendar year, 1 January to 31 December.[12]

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

In Bulgaria, the fiscal year is the calendar year, 1 January to 31 December, both for personal income tax[13] and for corporate taxes.[14]

In Canada,[15] 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.

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

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

In Costa Rica, the fiscal year is 1 October to 30 September.

In the Arab Republic of Egypt, the fiscal year is 1 July to 30 June.[citation needed]

In France, the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911.[16]

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

In Hong Kong,[17] the government’s financial year runs from 1 April to 31 March.

In India, the government’s financial year runs from 1 April to 31 March. It is abbreviated as a FY19.[18][19]

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.[20][21] Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April.[22]

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.[22] A panel set up by the NITI Aayog in July 2016, recommended starting the next fiscal year from 1 January to 31 December after the end of the current five-year plan.[23]

On 4 May 2017, Madhya Pradesh announced that it would move to a JanuaryDecember financial year, becoming the first Indian state to do so. But later it dropped the idea.[24]

In Indonesia, the fiscal year is the calendar year, 1 January to 31 December.[25]

In Iran, the fiscal year usually starts on 21 March (1st of Farvardin) and concludes on next year’s 20 March (29th of Esfand) in Solar Hijri calendar [26]

Until 2001, the fiscal year in Ireland was the year ending 5 April, as in the United Kingdom. From 2002, to coincide with the introduction of the euro, it was changed to the calendar year, 1 January to 31 December. The 2001 tax year was nine months, from April to December.[27]

In Israel, the fiscal year is the calendar year, 1 January to 31 December.[28]

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

In Japan,[29] 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 (); for example the fiscal year from 1 April 2018 to 31 March 2019 is called 2018nendo.

Japan’s income tax year is 1 January to 31 December, but corporate tax is charged according to the corporation’s own annual period.[citation needed]

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

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

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

In Nepal, the fiscal year is 1 Shrawan (4th month of Bikram calendar) to 31 Ashad (3rd month of Bikram calendar). Shrawan 1 roughly falls in mid-July.[31]

In New Zealand, the government’s fiscal[32] and financial reporting[33] year is 1 July to the next 30 June[34] and applies also to the budget. The company and personal financial year[35] is 1 April to 31 March and applies to company and personal income tax.

The Pakistani 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.[36]

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

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

In Romania, the fiscal year is the calendar year, 1 January to 31 December.[37]

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

The fiscal year for the calculation of personal income taxes is 1 January to 31 December.[citation needed]

The fiscal year for the Government of Singapore and many government-linked corporations is 1 April to 31 March.[citation needed]

Corporations and organisations are permitted to select any date as the end of each fiscal year, as long as this date remains constant.[citation needed]

In South Africa, the fiscal year for the Government of South Africa is 1 April to 31 March.[citation needed]

The year of assessment for individuals covers twelve months, 1 March to the final day of February the following year. The Act also provides for certain classes of taxpayers to have a year of assessment ending on a day other than the last day of February. Companies are permitted to have a tax year ending on a date that coincides with their financial year. Many older companies still use a tax year that runs from 1 July to 30 June, inherited from the British system. A common practice for newer companies is to run their tax year from 1 March to the final day of February following, to synchronize with the tax year for individuals.[citation needed]

In South Korea, the fiscal year is the calendar year, 1 January to 31 December.[38]

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

In Sweden, the fiscal year for individuals is the calendar year, 1 January to 31 December.[40]

The fiscal year for an organisation is typically one of the following:

However, all calendar months are allowed. If an organisation wishes to change into a non-calendar year, permission from the Tax Authority is required.[41][42]

In Taiwan, the fiscal year is the calendar year, 1 January to 31 December. However, an enterprise may elect to adopt a special fiscal year at the time it is established and can request approval from the tax authorities to change its fiscal year.[43]

In Thailand, the government’s fiscal year (FY) is 1 October to 30 September of the following year.[44] For individual taxpayers it is the calendar year, 1 January to 31 December.

In Ukraine, the fiscal year is the calendar year, 1 January to 31 December.[45]

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

In the United Kingdom,[46] the financial year runs from 1 April to 31 March for the purposes of government financial statements.[47] For personal tax purposes the fiscal year starts on 6 April and ends on 5 April of the next calendar year.[48]

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.[citation needed]

A number of major corporations that were once government-owned, such as BT Group and the National Grid, continue to use the government’s financial year, which ends on the last day of March, as they have found no reason to change since privatisation.[citation needed]

The 5 April year end for personal tax and benefits reflects the old ecclesiastical calendar, with New Year falling on 25 March (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 September 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 17523 tax year was extended by 11 days). From 1753 until 1799, the tax year in Great Britain began on 5 April, which was the “old style” new year of 25 March. A 12th skipped Julian leap day in 1800 changed its start to 6 April. It was not changed when a 13th Julian leap day was skipped in 1900, so the start of the personal tax year in the United Kingdom is still 6 April.[49][50][51]

The United States federal government’s fiscal year is the 12-month period beginning October 1 and ending September 30 the following year. The identification of a fiscal year is the calendar year in which it ends; thus, the current fiscal year is 2018, often written as “FY2018” or “FY18”, which began on 1 October 2017 and will end on 30 September 2018.

Prior to 1976, the fiscal year began on 1 July and ended on 30 June. The Congressional Budget and Impoundment Control Act of 1974 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.[52]

For example, the United States government fiscal year for 2018 is:

State governments set their own fiscal year. Forty-six of the fifty states set their fiscal year to end on June 30.[53] Four states have fiscal years that end on a different date:

The fiscal year for the Washington, D.C. government ends on September 30.[54]

Among the inhabited territories of the United States, most align with the federal fiscal year, ending on September 30. These include American Samoa, Guam, the Northern Mariana Islands and the U.S. Virgin Islands.[53] Puerto Rico is the exception, with its fiscal year ending on June 30.

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 more here:

Fiscal year – Wikipedia

Freedom in the 50 States 2015-2016 | Overall Freedom …

William P. Ruger

William P. Ruger is Vice President of Policy and Research at the Charles Koch Institute and Charles Koch Foundation. Ruger is the author of the biography Milton Friedman and a coauthor of The State of Texas: Government, Politics, and Policy. His work has been published in International Studies Quarterly, State Politics and Policy Quarterly, Armed Forces and Society, and other outlets. Ruger earned an AB from the College of William and Mary and a PhD in politics from Brandeis University. He is a veteran of the war in Afghanistan.

Jason Sorens is Lecturer in the Department of Government at Dartmouth College. His primary research interests include fiscal federalism, public policy in federal systems, secessionism, and ethnic politics. His work has been published in International Studies Quarterly, Comparative Political Studies, Journal of Peace Research, State Politics and Policy Quarterly, and other academic journals, and his book Secessionism: Identity, Interest, and Strategy was published by McGill-Queens University Press in 2012. Sorens received his BA in economics and philosophy, with honors, from Washington and Lee University and his PhD in political science from Yale University.

View post:

Freedom in the 50 States 2015-2016 | Overall Freedom …

United Kingdom Economy: Population, GDP, Inflation …

Download PDF Quick Facts

The United Kingdoms economic freedom score is 78.0, making its economy the 8th freest in the 2018 Index. Its overall score has increased by 1.6 points, led by significantly higher scores for the fiscal health and government spending indicators. The U.K. is ranked 4th among 44 countries in the Europe region, and its overall score is above the regional and world averages.

The process of exiting the European Union will afford the government opportunities to correct any remaining structural deficiencies that might be holding back an already high-performing economy. The U.K. showed resilience in recovering from the financial crisis, aided by effective rule of law, an open trade regime, and a well-developed financial sector. The already liberal labor market can be made more flexible after Brexit. The U.K. has one of the worlds most efficient business and investment environments and will soon be open to expanded global trade relationships.

Following Prime Minister Margaret Thatchers market reforms in the 1980s, Britains economy grew steadily throughout the 1990s. It is now the worlds fifth largest. After successive Labour governments in the early 2000s, the Conservatives returned to power in 2010. In June 2016, the U.K. voted by popular referendum to leave the European Union. Prime Minister David Cameron had opposed Brexit and resigned. His successor, Theresa May, is negotiating the nations exit from the EU. The Conservative Party lost its parliamentary majority in June 2017 but stayed in power with the support of Northern Irelands Democratic Unionist Party. Services, particularly banking, insurance, and business services, are key drivers of GDP growth. Large oil and natural gas reserves are declining.

The U.K. is a mature nation with an accountable democracy where private property rights and contracts are very secure. The judiciary is largely seen as impartial, efficient, and independent. Protection of intellectual property rights is effective. The rule of law is well established, and the overall strength of the political system was vividly illustrated by the resignation of the former prime minister following his Brexit defeat.

The top personal income tax rate is 45 percent. The top corporate tax rate has been reduced to 20 percent. Other taxes include value-added and environment taxes. The overall tax burden equals 32.5 percent of total domestic income. Over the past three years, government spending has amounted to 43.0 percent of total output (GDP), and budget deficits have averaged 4.4 percent of GDP. Public debt is equivalent to 89.2 percent of GDP.

The United Kingdom is a business-friendly country with regulations that are conducive to entrepreneurial activity. In March 2017, the employment-to-population ratio was the highest since 1791. Demand for high-skill, high-technology jobs outpaces the number of work-ready graduates that the educational system can produce. The U.K. has few price controls but does regulate rates for most utilities and partly controls the price of prescription drugs.

Trade is significant for the United Kingdoms economy; the combined value of exports and imports equals 58 percent of GDP. The average applied tariff rate is 1.6 percent. Nontariff barriers impede some trade. In general, government policies do not significantly interfere with foreign investment. Foreign and domestic investors generally are treated equally under the law. The highly competitive banking sector offers a wide range of financial services.

Read more here:

United Kingdom Economy: Population, GDP, Inflation …

Fiscal year – Wikipedia

A fiscal year (or financial year, or sometimes budget year) is the period used by governments for accounting and budget purposes, which vary between countries. It is also used for financial reporting by business and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis, but generally do not require the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxation, such as income tax. Many annual government feessuch as Council rates, licence fees, etc.are also levied on a fiscal year basis, while others are charged on an anniversary basis.

The “fiscal year end” (FYE) is the date that marks the end of the fiscal year. Some companiessuch as Cisco Systems[1]end their fiscal year on the same day of the week each year, e.g. the day that is closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years will 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 a majority of large corporations in the UK[2] and elsewhere, with notable exceptions being in Australia, New Zealand and Japan.[3]

Many universities have a fiscal year which ends during the summer to align the fiscal year with the academic year (and, in some cases involving public universities, with the state government’s fiscal year), and because the university is normally less busy during the summer months. In the northern hemisphere this is July to the next June. In the southern hemisphere this is calendar year, January to December. Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year.

The fiscal year is usually denoted by the year in which it ends, so United States federal government spending incurred on 14 November 2018 would belong to fiscal year 2019, operating on a fiscal calendar of OctoberSeptember.[4]

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.[5] 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 June 30 fiscal year-end date when the federal government switched to September 30 in 1976. Nearly all jurisdictions require that the tax year be 12 months or 52/53 weeks.[6] However, short years are permitted as the first year or when changing tax years.[7]

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.[6]

In some jurisdictions, particularly those that permit tax consolidation, companies that are part of a group of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the 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.[citation needed]

In Afghanistan, the fiscal year was recently[timeframe?] changed from 1 Hamal 29 Hoot (21 March 20 March) to 1 Jadi 30 Qaus (21 December 20 December). The fiscal year runs with the Afghan calendar, thus resulting in difference of the Gregorian dates once in a four-year span.[citation needed]

In Australia, a fiscal year is commonly called a “financial year” (FY) and starts on 1 July and ends on the next 30 June. Financial years are designated by the calendar year of the second half of the period. For example, financial year 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.[8] Business enterprises may opt to use a financial year that ends at the end of a week (e.g., 52 or 53 weeks in length, and therefore is not exactly one calendar year in length), or opt for its financial year to end on a date that matches the reporting cycle of its foreign parent. All entities within the one group must use the same financial year.

For government accounting and budget purposes, pre-Federation colonies changed the financial year from the calendar year to a year ending 30 June on the following dates: Victoria changed in 1870, South Australia in 1874, Queensland in 1875, Western Australia in 1892, New South Wales in 1895 and Tasmania in 1904. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901.[10] 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.[10]

The Financial year is split into the following four quarters [11]

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

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

In Belarus, the fiscal year is the calendar year, 1 January to 31 December.[12]

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

In Bulgaria, the fiscal year is the calendar year, 1 January to 31 December, both for personal income tax[13] and for corporate taxes.[14]

In Canada,[15] 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.

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

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

In Costa Rica, the fiscal year is 1 October to 30 September.

In the Arab Republic of Egypt, the fiscal year is 1 July to 30 June.[citation needed]

In France, the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911.[16]

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

In Hong Kong,[17] the government’s financial year runs from 1 April to 31 March.

In India, the government’s financial year runs from 1 April to 31 March. It is abbreviated as a FY19.[18][19]

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.[20][21] Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April.[22]

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.[22] A panel set up by the NITI Aayog in July 2016, recommended starting the next fiscal year from 1 January to 31 December after the end of the current five-year plan.[23]

On 4 May 2017, Madhya Pradesh announced that it would move to a JanuaryDecember financial year, becoming the first Indian state to do so. But later it dropped the idea.[24]

In Indonesia, the fiscal year is the calendar year, 1 January to 31 December.[25]

In Iran, the fiscal year usually starts on 21 March (1st of Farvardin) and concludes on next year’s 20 March (29th of Esfand) in Solar Hijri calendar [26]

Until 2001, the fiscal year in Ireland was the year ending 5 April, as in the United Kingdom. From 2002, to coincide with the introduction of the euro, it was changed to the calendar year, 1 January to 31 December. The 2001 tax year was nine months, from April to December.[27]

In Israel, the fiscal year is the calendar year, 1 January to 31 December.[28]

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

In Japan,[29] 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 (); for example the fiscal year from 1 April 2018 to 31 March 2019 is called 2018nendo.

Japan’s income tax year is 1 January to 31 December, but corporate tax is charged according to the corporation’s own annual period.[citation needed]

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

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

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

In Nepal, the fiscal year is 1 Shrawan (4th month of Bikram calendar) to 31 Ashad (3rd month of Bikram calendar). Shrawan 1 roughly falls in mid-July.[31]

In New Zealand, the government’s fiscal[32] and financial reporting[33] year is 1 July to the next 30 June[34] and applies also to the budget. The company and personal financial year[35] is 1 April to 31 March and applies to company and personal income tax.

The Pakistani 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.[36]

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

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

In Romania, the fiscal year is the calendar year, 1 January to 31 December.[37]

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

The fiscal year for the calculation of personal income taxes is 1 January to 31 December.[citation needed]

The fiscal year for the Government of Singapore and many government-linked corporations is 1 April to 31 March.[citation needed]

Corporations and organisations are permitted to select any date as the end of each fiscal year, as long as this date remains constant.[citation needed]

In South Africa, the fiscal year for the Government of South Africa is 1 April to 31 March.[citation needed]

The year of assessment for individuals covers twelve months, 1 March to the final day of February the following year. The Act also provides for certain classes of taxpayers to have a year of assessment ending on a day other than the last day of February. Companies are permitted to have a tax year ending on a date that coincides with their financial year. Many older companies still use a tax year that runs from 1 July to 30 June, inherited from the British system. A common practice for newer companies is to run their tax year from 1 March to the final day of February following, to synchronize with the tax year for individuals.[citation needed]

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

In Spain, the fiscal year is the calendar year, 1 January to 31 December.[38]

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

The fiscal year for an organisation is typically one of the following:

However, all calendar months are allowed. If an organisation wishes to change into a non-calendar year, permission from the Tax Authority is required.[40][41]

In Taiwan, the fiscal year is the calendar year, 1 January to 31 December. However, an enterprise may elect to adopt a special fiscal year at the time it is established and can request approval from the tax authorities to change its fiscal year.[42]

In Thailand, the government’s fiscal year (FY) is 1 October to 30 September of the following year.[43] For individual taxpayers it is the calendar year, 1 January to 31 December.

In Ukraine, the fiscal year is the calendar year, 1 January to 31 December.[44]

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

In the United Kingdom,[45] the financial year runs from 1 April to 31 March for the purposes of government financial statements.[46] For personal tax purposes the fiscal year starts on 6 April and ends on 5 April of the next calendar year.[47]

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.[citation needed]

A number of major corporations that were once government-owned, such as BT Group and the National Grid, continue to use the government’s financial year, which ends on the last day of March, as they have found no reason to change since privatisation.[citation needed]

The 5 April year end for personal tax and benefits reflects the old ecclesiastical calendar, with New Year falling on 25 March (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 September 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 17523 tax year was extended by 11 days). From 1753 until 1799, the tax year in Great Britain began on 5 April, which was the “old style” new year of 25 March. A 12th skipped Julian leap day in 1800 changed its start to 6 April. It was not changed when a 13th Julian leap day was skipped in 1900, so the start of the personal tax year in the United Kingdom is still 6 April.[48][49][50]

The United States federal government’s fiscal year is the 12-month period beginning October 1 and ending September 30 the following year. The identification of a fiscal year is the calendar year in which it ends; thus, the current fiscal year is 2018, often written as “FY2018” or “FY18”, which began on 1 October 2017 and will end on 30 September 2018.

Prior to 1976, the fiscal year began on 1 July and ended on 30 June. The Congressional Budget and Impoundment Control Act of 1974 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.[51]

For example, the United States government fiscal year for 2018 is:

State governments set their own fiscal year. Forty-six of the fifty states set their fiscal year to end on June 30.[52] Four states have fiscal years that end on a different date:

The fiscal year for the Washington, D.C. government ends on September 30.[53]

Among the inhabited territories of the United States, most align with the federal fiscal year, ending on September 30. These include American Samoa, Guam, the Northern Mariana Islands and the U.S. Virgin Islands.[52] Puerto Rico is the exception, with its fiscal year ending on June 30.

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.

Read more:

Fiscal year – Wikipedia

Freedom in the 50 States 2015-2016 | Overall Freedom …

William P. Ruger

William P. Ruger is Vice President of Policy and Research at the Charles Koch Institute and Charles Koch Foundation. Ruger is the author of the biography Milton Friedman and a coauthor of The State of Texas: Government, Politics, and Policy. His work has been published in International Studies Quarterly, State Politics and Policy Quarterly, Armed Forces and Society, and other outlets. Ruger earned an AB from the College of William and Mary and a PhD in politics from Brandeis University. He is a veteran of the war in Afghanistan.

Jason Sorens is Lecturer in the Department of Government at Dartmouth College. His primary research interests include fiscal federalism, public policy in federal systems, secessionism, and ethnic politics. His work has been published in International Studies Quarterly, Comparative Political Studies, Journal of Peace Research, State Politics and Policy Quarterly, and other academic journals, and his book Secessionism: Identity, Interest, and Strategy was published by McGill-Queens University Press in 2012. Sorens received his BA in economics and philosophy, with honors, from Washington and Lee University and his PhD in political science from Yale University.

Read the original:

Freedom in the 50 States 2015-2016 | Overall Freedom …

Fiscal year – Wikipedia

A fiscal year (or financial year, or sometimes budget year) is the period used by governments for accounting and budget purposes, which vary between countries. It is also used for financial reporting by business and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis, but generally do not require the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxaction, such as income tax. Many annual government feessuch as Council rates, licence fees, etc.are also levied on a fiscal year basis, while others are charged on an anniversary basis.

The “fiscal year end” (FYE) is the date that marks the end of the fiscal year. Some companiessuch as Cisco Systems[1]end their fiscal year on the same day of the week each year, e.g. the day that is closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years will 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 a majority of large corporations in the UK[2] and elsewhere, with notable exceptions being in Australia, New Zealand and Japan.[3]

Many universities have a fiscal year which ends during the summer to align the fiscal year with the academic year (and, in some cases involving public universities, with the state government’s fiscal year), and because the university is normally less busy during the summer months. In the northern hemisphere this is July to the next June. In the southern hemisphere this is calendar year, January to December. Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year.

The fiscal year is usually denoted by the year in which it ends, so United States federal government spending incurred on 14 November 2018 would belong to fiscal year 2019, operating on a fiscal calendar of OctoberSeptember.[4]

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.[5] 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.[6] However, short years are permitted as the first year or when changing tax years.[7]

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.[6]

In some jurisdictions, particularly those that permit tax consolidation, companies that are part of a group of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the 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.[citation needed]

In Afghanistan, the fiscal year was recently[timeframe?] changed from 1 Hamal 29 Hoot (21 March 20 March) to 1 Jadi 30 Qaus (21 December 20 December). The fiscal year runs with the Afghan calendar, thus resulting in difference of the Gregorian dates once in a four-year span.[citation needed]

In Australia, a fiscal year is commonly called a “financial year” (FY) and starts on 1 July and ends on the next 30 June. Financial years are designated by the calendar year of the second half of the period. For example, financial year 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.[8] Business enterprises may opt to use a financial year that ends at the end of a week (e.g., 52 or 53 weeks in length, and therefore is not exactly one calendar year in length), or opt for its financial year to end on a date that matches the reporting cycle of its foreign parent. All entities within the one group must use the same financial year.

For government accounting and budget purposes, pre-Federation colonies changed the financial year from the calendar year to a year ending 30 June on the following dates: Victoria changed in 1870, South Australia in 1874, Queensland in 1875, Western Australia in 1892, New South Wales in 1895 and Tasmania in 1904. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901.[10] 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.[10]

The Financial year is split into the following four quarters [11]

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

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

In Belarus, the fiscal year is the calendar year, 1 January to 31 December.[12]

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

In Bulgaria, the fiscal year is the calendar year, 1 January to 31 December, both for personal income tax[13] and for corporate taxes.[14]

In Canada,[15] 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.

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

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

In Costa Rica, the fiscal year is 1 October to 30 September.

In the Arab Republic of Egypt, the fiscal year is 1 July to 30 June.[citation needed]

In France, the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911.[16]

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

In Hong Kong,[17] the government’s financial year runs from 1 April to 31 March.

In India, the government’s financial year runs from 1 April to 31 March. It is abbreviated as a FY19.[18][19]

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.[20][21] Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April.[22]

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.[22] A panel set up by the NITI Aayog in July 2016, recommended starting the next fiscal year from 1 January to 31 December after the end of the current five-year plan.[23]

On 4 May 2017, Madhya Pradesh announced that it would move to a JanuaryDecember financial year, becoming the first Indian state to do so. But later it dropped the idea.[24]

In Indonesia, the fiscal year is the calendar year, 1 January to 31 December.[25]

In Iran, the fiscal year usually starts on 21 March (1st of Farvardin) and concludes on next year’s 20 March (29th of Esfand) in Solar Hijri calendar [26]

Until 2001, the fiscal year in Ireland was the year ending 5 April, as in the United Kingdom. From 2002, to coincide with the introduction of the euro, it was changed to the calendar year, 1 January to 31 December. The 2001 tax year was nine months, from April to December.[27]

In Israel, the fiscal year is the calendar year, 1 January to 31 December.[28]

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

In Japan,[29] 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 (); for example the fiscal year from 1 April 2018 to 31 March 2019 is called 2018nendo.

Japan’s income tax year is 1 January to 31 December, but corporate tax is charged according to the corporation’s own annual period.[citation needed]

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

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

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

In Nepal, the fiscal year is 1 Shrawan (4th month of Bikram calendar) to 31 Ashad (3rd month of Bikram calendar). Shrawan 1 roughly falls in mid-July.[31]

In New Zealand, the government’s fiscal[32] and financial reporting[33] year is 1 July to the next 30 June[34] and applies also to the budget. The company and personal financial year[35] is 1 April to 31 March and applies to company and personal income tax.

The Pakistani 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.[36]

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

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

In Romania, the fiscal year is the calendar year, 1 January to 31 December.[37]

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

The fiscal year for the calculation of personal income taxes is 1 January to 31 December.[citation needed]

The fiscal year for the Government of Singapore and many government-linked corporations is 1 April to 31 March.[citation needed]

Corporations and organisations are permitted to select any date as the end of each fiscal year, as long as this date remains constant.[citation needed]

In South Africa, the fiscal year for the Government of South Africa is 1 April to 31 March.[citation needed]

The year of assessment for individuals covers twelve months, 1 March to the final day of February the following year. The Act also provides for certain classes of taxpayers to have a year of assessment ending on a day other than the last day of February. Companies are permitted to have a tax year ending on a date that coincides with their financial year. Many older companies still use a tax year that runs from 1 July to 30 June, inherited from the British system. A common practice for newer companies is to run their tax year from 1 March to the final day of February following, to synchronize with the tax year for individuals.[citation needed]

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

In Spain, the fiscal year is the calendar year, 1 January to 31 December.[38]

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

The fiscal year for an organisation is typically one of the following:

However, all calendar months are allowed. If an organisation wishes to change into a non-calendar year, permission from the Tax Authority is required.[40][41]

In Taiwan, the fiscal year is the calendar year, 1 January to 31 December. However, an enterprise may elect to adopt a special fiscal year at the time it is established and can request approval from the tax authorities to change its fiscal year.[42]

In Thailand, the government’s fiscal year (FY) is 1 October to 30 September of the following year.[43] For individual taxpayers it is the calendar year, 1 January to 31 December.

In Ukraine, the fiscal year is the calendar year, 1 January to 31 December.[44]

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

In the United Kingdom,[45] the financial year runs from 1 April to 31 March for the purposes of government financial statements.[46] For personal tax purposes the fiscal year starts on 6 April and ends on 5 April of the next calendar year.[47]

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.[citation needed]

A number of major corporations that were once government-owned, such as BT Group and the National Grid, continue to use the government’s financial year, which ends on the last day of March, as they have found no reason to change since privatisation.[citation needed]

The 5 April year end for personal tax and benefits reflects the old ecclesiastical calendar, with New Year falling on 25 March (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 September 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 17523 tax year was extended by 11 days). From 1753 until 1799, the tax year in Great Britain began on 5 April, which was the “old style” new year of 25 March. A 12th skipped Julian leap day in 1800 changed its start to 6 April. It was not changed when a 13th Julian leap day was skipped in 1900, so the start of the personal tax year in the United Kingdom is still 6 April.[48][49][50]

The United States federal government’s fiscal year is the 12-month period beginning October 1 and ending September 30 the following year. The identification of a fiscal year is the calendar year in which it ends; thus, the current fiscal year is 2018, often written as “FY2018” or “FY18”, which began on 1 October 2017 and will end on 30 September 2018.

Prior to 1976, the fiscal year began on 1 July and ended on 30 June. The Congressional Budget and Impoundment Control Act of 1974 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.[51]

For example, the United States government fiscal year for 2018 is:

State governments set their own fiscal year. It may or may not align with the federal calendar. For example, in the state of California, the fiscal year runs from 1 July to 30 June each year.[52]

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.

More here:

Fiscal year – Wikipedia

Freedom in the 50 States 2015-2016 | Overall Freedom …

William P. Ruger

William P. Ruger is Vice President of Policy and Research at the Charles Koch Institute and Charles Koch Foundation. Ruger is the author of the biography Milton Friedman and a coauthor of The State of Texas: Government, Politics, and Policy. His work has been published in International Studies Quarterly, State Politics and Policy Quarterly, Armed Forces and Society, and other outlets. Ruger earned an AB from the College of William and Mary and a PhD in politics from Brandeis University. He is a veteran of the war in Afghanistan.

Jason Sorens is Lecturer in the Department of Government at Dartmouth College. His primary research interests include fiscal federalism, public policy in federal systems, secessionism, and ethnic politics. His work has been published in International Studies Quarterly, Comparative Political Studies, Journal of Peace Research, State Politics and Policy Quarterly, and other academic journals, and his book Secessionism: Identity, Interest, and Strategy was published by McGill-Queens University Press in 2012. Sorens received his BA in economics and philosophy, with honors, from Washington and Lee University and his PhD in political science from Yale University.

See the rest here:

Freedom in the 50 States 2015-2016 | Overall Freedom …

Freedom in the 50 States 2015-2016 | Overall Freedom …

William P. Ruger

William P. Ruger is Vice President of Policy and Research at the Charles Koch Institute and Charles Koch Foundation. Ruger is the author of the biography Milton Friedman and a coauthor of The State of Texas: Government, Politics, and Policy. His work has been published in International Studies Quarterly, State Politics and Policy Quarterly, Armed Forces and Society, and other outlets. Ruger earned an AB from the College of William and Mary and a PhD in politics from Brandeis University. He is a veteran of the war in Afghanistan.

Jason Sorens is Lecturer in the Department of Government at Dartmouth College. His primary research interests include fiscal federalism, public policy in federal systems, secessionism, and ethnic politics. His work has been published in International Studies Quarterly, Comparative Political Studies, Journal of Peace Research, State Politics and Policy Quarterly, and other academic journals, and his book Secessionism: Identity, Interest, and Strategy was published by McGill-Queens University Press in 2012. Sorens received his BA in economics and philosophy, with honors, from Washington and Lee University and his PhD in political science from Yale University.

Read this article:

Freedom in the 50 States 2015-2016 | Overall Freedom …

Fiscal year – Wikipedia

A fiscal year (or financial year, or sometimes budget year) is the period used by governments for accounting and budget purposes, which vary between countries. It is also used for financial reporting by business and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis, but generally do not require the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxaction, such as income tax. Many annual government feessuch as Council rates, licence fees, etc.are also levied on a fiscal year basis, while others are charged on an anniversary basis.

The “fiscal year end” (FYE) is the date that marks the end of the fiscal year. Some companiessuch as Cisco Systems[1]end their fiscal year on the same day of the week each year, e.g. the day that is closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years will 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 a majority of large corporations in the UK[2] and elsewhere, with notable exceptions being in Australia, New Zealand and Japan.[3]

Many universities have a fiscal year which ends during the summer to align the fiscal year with the academic year (and, in some cases involving public universities, with the state government’s fiscal year), and because the university is normally less busy during the summer months. In the northern hemisphere this is July to the next June. In the southern hemisphere this is calendar year, January to December. Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year.

The fiscal year is usually denoted by the year in which it ends, so United States federal government spending incurred on 14 November 2018 would belong to fiscal year 2019, operating on a fiscal calendar of OctoberSeptember.[4]

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.[5] 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.[6] However, short years are permitted as the first year or when changing tax years.[7]

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.[6]

In some jurisdictions, particularly those that permit tax consolidation, companies that are part of a group of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the 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.[citation needed]

In Afghanistan, the fiscal year was recently[timeframe?] changed from 1 Hamal 29 Hoot (21 March 20 March) to 1 Jadi 30 Qaus (21 December 20 December). The fiscal year runs with the Afghan calendar, thus resulting in difference of the Gregorian dates once in a four-year span.[citation needed]

In Australia, a fiscal year is commonly called a “financial year” (FY) and starts on 1 July and ends on the next 30 June. Financial years are designated by the calendar year of the second half of the period. For example, financial year 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.[8] Business enterprises may opt to use a financial year that ends at the end of a week (e.g., 52 or 53 weeks in length, and therefore is not exactly one calendar year in length), or opt for its financial year to end on a date that matches the reporting cycle of its foreign parent. All entities within the one group must use the same financial year.

For government accounting and budget purposes, pre-Federation colonies changed the financial year from the calendar year to a year ending 30 June on the following dates: Victoria changed in 1870, South Australia in 1874, Queensland in 1875, Western Australia in 1892, New South Wales in 1895 and Tasmania in 1904. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901.[10] 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.[10]

The Financial year is split into the following four quarters [11]

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

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

In Belarus, the fiscal year is the calendar year, 1 January to 31 December.[12]

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

In Bulgaria, the fiscal year is the calendar year, 1 January to 31 December, both for personal income tax[13] and for corporate taxes.[14]

In Canada,[15] 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.

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

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

In Costa Rica, the fiscal year is 1 October to 30 September.

In the Arab Republic of Egypt, the fiscal year is 1 July to 30 June.[citation needed]

In France, the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911.[16]

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

In Hong Kong,[17] the government’s financial year runs from 1 April to 31 March.

In India, the government’s financial year runs from 1 April to 31 March. It is abbreviated as a FY19.[18][19]

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.[20][21] Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April.[22]

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.[22] A panel set up by the NITI Aayog in July 2016, recommended starting the next fiscal year from 1 January to 31 December after the end of the current five-year plan.[23]

On 4 May 2017, Madhya Pradesh announced that it would move to a JanuaryDecember financial year, becoming the first Indian state to do so. But later it dropped the idea.[24]

In Indonesia, the fiscal year is the calendar year, 1 January to 31 December.[25]

In Iran, the fiscal year usually starts on 21 March (1st of Farvardin) and concludes on next year’s 20 March (29th of Esfand) in Solar Hijri calendar [26]

Until 2001, the fiscal year in Ireland was the year ending 5 April, as in the United Kingdom. From 2002, to coincide with the introduction of the euro, it was changed to the calendar year, 1 January to 31 December. The 2001 tax year was nine months, from April to December.[27]

In Israel, the fiscal year is the calendar year, 1 January to 31 December.[28]

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

In Japan,[29] 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 (); for example the fiscal year from 1 April 2018 to 31 March 2019 is called 2018nendo.

Japan’s income tax year is 1 January to 31 December, but corporate tax is charged according to the corporation’s own annual period.[citation needed]

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

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

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

In Nepal, the fiscal year is 1 Shrawan (4th month of Bikram calendar) to 31 Ashad (3rd month of Bikram calendar). Shrawan 1 roughly falls in mid-July.[31]

In New Zealand, the government’s fiscal[32] and financial reporting[33] year is 1 July to the next 30 June[34] and applies also to the budget. The company and personal financial year[35] is 1 April to 31 March and applies to company and personal income tax.

The Pakistani 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.[36]

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

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

In Romania, the fiscal year is the calendar year, 1 January to 31 December.[37]

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

The fiscal year for the calculation of personal income taxes is 1 January to 31 December.[citation needed]

The fiscal year for the Government of Singapore and many government-linked corporations is 1 April to 31 March.[citation needed]

Corporations and organisations are permitted to select any date as the end of each fiscal year, as long as this date remains constant.[citation needed]

In South Africa, the fiscal year for the Government of South Africa is 1 April to 31 March.[citation needed]

The year of assessment for individuals covers twelve months, 1 March to the final day of February the following year. The Act also provides for certain classes of taxpayers to have a year of assessment ending on a day other than the last day of February. Companies are permitted to have a tax year ending on a date that coincides with their financial year. Many older companies still use a tax year that runs from 1 July to 30 June, inherited from the British system. A common practice for newer companies is to run their tax year from 1 March to the final day of February following, to synchronize with the tax year for individuals.[citation needed]

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

In Spain, the fiscal year is the calendar year, 1 January to 31 December.[38]

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

The fiscal year for an organisation is typically one of the following:

However, all calendar months are allowed. If an organisation wishes to change into a non-calendar year, permission from the Tax Authority is required.[40][41]

In Taiwan, the fiscal year is the calendar year, 1 January to 31 December. However, an enterprise may elect to adopt a special fiscal year at the time it is established and can request approval from the tax authorities to change its fiscal year.[42]

In Thailand, the government’s fiscal year (FY) is 1 October to 30 September of the following year.[43] For individual taxpayers it is the calendar year, 1 January to 31 December.

In Ukraine, the fiscal year is the calendar year, 1 January to 31 December.[44]

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

In the United Kingdom,[45] the financial year runs from 1 April to 31 March for the purposes of government financial statements.[46] For personal tax purposes the fiscal year starts on 6 April and ends on 5 April of the next calendar year.[47]

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.[citation needed]

A number of major corporations that were once government-owned, such as BT Group and the National Grid, continue to use the government’s financial year, which ends on the last day of March, as they have found no reason to change since privatisation.[citation needed]

The 5 April year end for personal tax and benefits reflects the old ecclesiastical calendar, with New Year falling on 25 March (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 September 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 17523 tax year was extended by 11 days). From 1753 until 1799, the tax year in Great Britain began on 5 April, which was the “old style” new year of 25 March. A 12th skipped Julian leap day in 1800 changed its start to 6 April. It was not changed when a 13th Julian leap day was skipped in 1900, so the start of the personal tax year in the United Kingdom is still 6 April.[48][49][50]

The United States federal government’s fiscal year is the 12-month period beginning October 1 and ending September 30 the following year. The identification of a fiscal year is the calendar year in which it ends; thus, the current fiscal year is 2018, often written as “FY2018” or “FY18”, which began on 1 October 2017 and will end on 30 September 2018.

Prior to 1976, the fiscal year began on 1 July and ended on 30 June. The Congressional Budget and Impoundment Control Act of 1974 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.[51]

For example, the United States government fiscal year for 2018 is:

State governments set their own fiscal year. It may or may not align with the federal calendar. For example, in the state of California, the fiscal year runs from 1 July to 30 June each year.[52]

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 the article here:

Fiscal year – Wikipedia

Freedom in the 50 States 2015-2016 | Overall Freedom …

William P. Ruger

William P. Ruger is Vice President of Policy and Research at the Charles Koch Institute and Charles Koch Foundation. Ruger is the author of the biography Milton Friedman and a coauthor of The State of Texas: Government, Politics, and Policy. His work has been published in International Studies Quarterly, State Politics and Policy Quarterly, Armed Forces and Society, and other outlets. Ruger earned an AB from the College of William and Mary and a PhD in politics from Brandeis University. He is a veteran of the war in Afghanistan.

Jason Sorens is Lecturer in the Department of Government at Dartmouth College. His primary research interests include fiscal federalism, public policy in federal systems, secessionism, and ethnic politics. His work has been published in International Studies Quarterly, Comparative Political Studies, Journal of Peace Research, State Politics and Policy Quarterly, and other academic journals, and his book Secessionism: Identity, Interest, and Strategy was published by McGill-Queens University Press in 2012. Sorens received his BA in economics and philosophy, with honors, from Washington and Lee University and his PhD in political science from Yale University.

See the rest here:

Freedom in the 50 States 2015-2016 | Overall Freedom …

Freedom in the 50 States 2015-2016 | Overall Freedom …

William P. Ruger

William P. Ruger is Vice President of Policy and Research at the Charles Koch Institute and Charles Koch Foundation. Ruger is the author of the biography Milton Friedman and a coauthor of The State of Texas: Government, Politics, and Policy. His work has been published in International Studies Quarterly, State Politics and Policy Quarterly, Armed Forces and Society, and other outlets. Ruger earned an AB from the College of William and Mary and a PhD in politics from Brandeis University. He is a veteran of the war in Afghanistan.

Jason Sorens is Lecturer in the Department of Government at Dartmouth College. His primary research interests include fiscal federalism, public policy in federal systems, secessionism, and ethnic politics. His work has been published in International Studies Quarterly, Comparative Political Studies, Journal of Peace Research, State Politics and Policy Quarterly, and other academic journals, and his book Secessionism: Identity, Interest, and Strategy was published by McGill-Queens University Press in 2012. Sorens received his BA in economics and philosophy, with honors, from Washington and Lee University and his PhD in political science from Yale University.

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Freedom in the 50 States 2015-2016 | Overall Freedom …

Fiscal year – Wikipedia

A fiscal year (or financial year, or sometimes budget year) is the period used by governments for accounting and budget purposes, which vary between countries. It is also used for financial reporting by business and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis, but generally do not require the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxaction, such as income tax. Many annual government feessuch as Council rates, licence fees, etc.are also levied on a fiscal year basis, while others are charged on an anniversary basis.

The “fiscal year end” (FYE) is the date that marks the end of the fiscal year. Some companiessuch as Cisco Systems[1]end their fiscal year on the same day of the week each year, e.g. the day that is closest to a particular date (for example, the Friday closest to 31 December). Under such a system, some fiscal years will 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 a majority of large corporations in the UK[2] and elsewhere, with notable exceptions being in Australia, New Zealand and Japan.[3]

Many universities have a fiscal year which ends during the summer to align the fiscal year with the academic year (and, in some cases involving public universities, with the state government’s fiscal year), and because the university is normally less busy during the summer months. In the northern hemisphere this is July to the next June. In the southern hemisphere this is calendar year, January to December. Some media/communication-based organizations use a broadcast calendar as the basis for their fiscal year.

The fiscal year is usually denoted by the year in which it ends, so United States federal government spending incurred on 14 November 2018 would belong to fiscal year 2019, operating on a fiscal calendar of OctoberSeptember.[4]

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.[5] 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.[6] However, short years are permitted as the first year or when changing tax years.[7]

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.[6]

In some jurisdictions, particularly those that permit tax consolidation, companies that are part of a group of businesses must use nearly the same fiscal year (differences of up to three months are permitted in some jurisdictions, such as the 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.[citation needed]

In Afghanistan, the fiscal year was recently[timeframe?] changed from 1 Hamal 29 Hoot (21 March 20 March) to 1 Jadi 30 Qaus (21 December 20 December). The fiscal year runs with the Afghan calendar, thus resulting in difference of the Gregorian dates once in a four-year span.[citation needed]

In Australia, a fiscal year is commonly called a “financial year” (FY) and starts on 1 July and ends on the next 30 June. Financial years are designated by the calendar year of the second half of the period. For example, financial year 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.[8] Business enterprises may opt to use a financial year that ends at the end of a week (e.g., 52 or 53 weeks in length, and therefore is not exactly one calendar year in length), or opt for its financial year to end on a date that matches the reporting cycle of its foreign parent. All entities within the one group must use the same financial year.

For government accounting and budget purposes, pre-Federation colonies changed the financial year from the calendar year to a year ending 30 June on the following dates: Victoria changed in 1870, South Australia in 1874, Queensland in 1875, Western Australia in 1892, New South Wales in 1895 and Tasmania in 1904. The Commonwealth adopted the near-ubiquitous financial year standard since its inception in 1901.[10] 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.[10]

The Financial year is split into the following four quarters [11]

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

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

In Belarus, the fiscal year is the calendar year, 1 January to 31 December.[12]

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

In Bulgaria, the fiscal year is the calendar year, 1 January to 31 December, both for personal income tax[13] and for corporate taxes.[14]

In Canada,[15] 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.

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

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

In Costa Rica, the fiscal year is 1 October to 30 September.

In the Arab Republic of Egypt, the fiscal year is 1 July to 30 June.[citation needed]

In France, the fiscal year is the calendar year, 1 January to 31 December, and has been since at least 1911.[16]

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

In Hong Kong,[17] the government’s financial year runs from 1 April to 31 March.

In India, the government’s financial year runs from 1 April to 31 March. It is abbreviated as a FY19.[18][19]

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.[20][21] Prior to 1867, India followed a fiscal year that ran from 1 May to 30 April.[22]

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.[22] A panel set up by the NITI Aayog in July 2016, recommended starting the next fiscal year from 1 January to 31 December after the end of the current five-year plan.[23]

On 4 May 2017, Madhya Pradesh announced that it would move to a JanuaryDecember financial year, becoming the first Indian state to do so. But later it dropped the idea.[24]

In Indonesia, the fiscal year is the calendar year, 1 January to 31 December.[25]

In Iran, the fiscal year usually starts on 21 March (1st of Farvardin) and concludes on next year’s 20 March (29th of Esfand) in Solar Hijri calendar [26]

Until 2001, the fiscal year in Ireland was the year ending 5 April, as in the United Kingdom. From 2002, to coincide with the introduction of the euro, it was changed to the calendar year, 1 January to 31 December. The 2001 tax year was nine months, from April to December.[27]

In Israel, the fiscal year is the calendar year, 1 January to 31 December.[28]

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

In Japan,[29] 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 (); for example the fiscal year from 1 April 2018 to 31 March 2019 is called 2018nendo.

Japan’s income tax year is 1 January to 31 December, but corporate tax is charged according to the corporation’s own annual period.[citation needed]

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

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

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

In Nepal, the fiscal year is 1 Shrawan (4th month of Bikram calendar) to 31 Ashad (3rd month of Bikram calendar). Shrawan 1 roughly falls in mid-July.[31]

In New Zealand, the government’s fiscal[32] and financial reporting[33] year is 1 July to the next 30 June[34] and applies also to the budget. The company and personal financial year[35] is 1 April to 31 March and applies to company and personal income tax.

The Pakistani 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.[36]

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

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

In Romania, the fiscal year is the calendar year, 1 January to 31 December.[37]

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

The fiscal year for the calculation of personal income taxes is 1 January to 31 December.[citation needed]

The fiscal year for the Government of Singapore and many government-linked corporations is 1 April to 31 March.[citation needed]

Corporations and organisations are permitted to select any date as the end of each fiscal year, as long as this date remains constant.[citation needed]

In South Africa, the fiscal year for the Government of South Africa is 1 April to 31 March.[citation needed]

The year of assessment for individuals covers twelve months, 1 March to the final day of February the following year. The Act also provides for certain classes of taxpayers to have a year of assessment ending on a day other than the last day of February. Companies are permitted to have a tax year ending on a date that coincides with their financial year. Many older companies still use a tax year that runs from 1 July to 30 June, inherited from the British system. A common practice for newer companies is to run their tax year from 1 March to the final day of February following, to synchronize with the tax year for individuals.[citation needed]

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

In Spain, the fiscal year is the calendar year, 1 January to 31 December.[38]

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

The fiscal year for an organisation is typically one of the following:

However, all calendar months are allowed. If an organisation wishes to change into a non-calendar year, permission from the Tax Authority is required.[40][41]

In Taiwan, the fiscal year is the calendar year, 1 January to 31 December. However, an enterprise may elect to adopt a special fiscal year at the time it is established and can request approval from the tax authorities to change its fiscal year.[42]

In Thailand, the government’s fiscal year (FY) is 1 October to 30 September of the following year.[43] For individual taxpayers it is the calendar year, 1 January to 31 December.

In Ukraine, the fiscal year is the calendar year, 1 January to 31 December.[44]

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

In the United Kingdom,[45] the financial year runs from 1 April to 31 March for the purposes of government financial statements.[46] For personal tax purposes the fiscal year starts on 6 April and ends on 5 April of the next calendar year.[47]

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.[citation needed]

A number of major corporations that were once government-owned, such as BT Group and the National Grid, continue to use the government’s financial year, which ends on the last day of March, as they have found no reason to change since privatisation.[citation needed]

The 5 April year end for personal tax and benefits reflects the old ecclesiastical calendar, with New Year falling on 25 March (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 September 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 17523 tax year was extended by 11 days). From 1753 until 1799, the tax year in Great Britain began on 5 April, which was the “old style” new year of 25 March. A 12th skipped Julian leap day in 1800 changed its start to 6 April. It was not changed when a 13th Julian leap day was skipped in 1900, so the start of the personal tax year in the United Kingdom is still 6 April.[48][49][50]

The United States federal government’s fiscal year is the 12-month period beginning October 1 and ending September 30 the following year. The identification of a fiscal year is the calendar year in which it ends; thus, the current fiscal year is 2018, often written as “FY2018” or “FY18”, which began on 1 October 2017 and will end on 30 September 2018.

Prior to 1976, the fiscal year began on 1 July and ended on 30 June. The Congressional Budget and Impoundment Control Act of 1974 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.[51]

For example, the United States government fiscal year for 2018 is:

State governments set their own fiscal year. It may or may not align with the federal calendar. For example, in the state of California, the fiscal year runs from 1 July to 30 June each year.[52]

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.

View original post here:

Fiscal year – Wikipedia

Freedom in the 50 States 2015-2016 | Overall Freedom …

William P. Ruger

William P. Ruger is Vice President of Policy and Research at the Charles Koch Institute and Charles Koch Foundation. Ruger is the author of the biography Milton Friedman and a coauthor of The State of Texas: Government, Politics, and Policy. His work has been published in International Studies Quarterly, State Politics and Policy Quarterly, Armed Forces and Society, and other outlets. Ruger earned an AB from the College of William and Mary and a PhD in politics from Brandeis University. He is a veteran of the war in Afghanistan.

Jason Sorens is Lecturer in the Department of Government at Dartmouth College. His primary research interests include fiscal federalism, public policy in federal systems, secessionism, and ethnic politics. His work has been published in International Studies Quarterly, Comparative Political Studies, Journal of Peace Research, State Politics and Policy Quarterly, and other academic journals, and his book Secessionism: Identity, Interest, and Strategy was published by McGill-Queens University Press in 2012. Sorens received his BA in economics and philosophy, with honors, from Washington and Lee University and his PhD in political science from Yale University.

Read more from the original source:

Freedom in the 50 States 2015-2016 | Overall Freedom …

Freedom in the 50 States 2015-2016 | Overall Freedom …

William P. Ruger

William P. Ruger is Vice President of Policy and Research at the Charles Koch Institute and Charles Koch Foundation. Ruger is the author of the biography Milton Friedman and a coauthor of The State of Texas: Government, Politics, and Policy. His work has been published in International Studies Quarterly, State Politics and Policy Quarterly, Armed Forces and Society, and other outlets. Ruger earned an AB from the College of William and Mary and a PhD in politics from Brandeis University. He is a veteran of the war in Afghanistan.

Jason Sorens is Lecturer in the Department of Government at Dartmouth College. His primary research interests include fiscal federalism, public policy in federal systems, secessionism, and ethnic politics. His work has been published in International Studies Quarterly, Comparative Political Studies, Journal of Peace Research, State Politics and Policy Quarterly, and other academic journals, and his book Secessionism: Identity, Interest, and Strategy was published by McGill-Queens University Press in 2012. Sorens received his BA in economics and philosophy, with honors, from Washington and Lee University and his PhD in political science from Yale University.

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Freedom in the 50 States 2015-2016 | Overall Freedom …


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