Fiscal year

A fiscal year is a special one-year period that governments, businesses, and organizations use for tracking money and making budgets. Unlike the regular calendar year that runs from January 1 to December 31, a fiscal year can start and end on different dates. In many places in the Northern Hemisphere, the fiscal year often runs from July to the next June. However, in the Southern Hemisphere, it usually matches the calendar year, from January to December.

Fiscal years help countries and companies manage their finances. Governments use fiscal years to keep track of how much money they earn and spend. Companies also use them to report their financial results each year. Laws in many places require businesses to share their financial reports once a year, and these reports usually follow the fiscal year. Taxes, like income tax, are also calculated based on the fiscal year. Some fees that governments charge also follow the fiscal year.

Not all fiscal years are the same. Some companies choose to end their fiscal year on a specific day of the week, like the Friday closest to December 31. This can mean some fiscal years have 52 weeks and others have 53 weeks. Many universities set their fiscal year to end in the summer so it matches their school year. This helps them manage money better during the school term. Some media companies also use special calendars called broadcast calendars to decide their fiscal year.

Chart of various fiscal years

Tax year

The fiscal year is the time period people and businesses use to report and pay their income taxes. It is also called the taxpayer's tax year or taxable year. In many places, people can choose their own tax year. Some countries, like Canada and Switzerland, make sure their local tax years match the national year.

In the United States, most states still use a tax year ending on June 30, even though the federal government changed to September 30 in 1976. Almost all places require the tax year to be 12 months or 52/53 weeks long, but they sometimes allow shorter years when someone is starting or changing their tax year.

Most countries ask everyone to pay income tax based on the calendar year, from January 1 to December 31. But there are some exceptions:

• Australia: People pay income tax based on the financial year, from July 1 to June 30.
• United Kingdom: The tax year for individuals starts on April 6. This goes back to when Britain used a different calendar.
• United States: People can choose any tax year, but they need approval from the IRS and it is rarely done.

Many places require that the tax year matches the fiscal year used for business reporting. The United States is different: taxpayers can choose any tax year but must keep records for that year.

Operation by jurisdiction

In some places, big companies must use almost the same fiscal year. This helps make sure money is counted only once and not missed.

Afghanistan

In Afghanistan, from 2011 to 2021, the fiscal year started on March 20 or 21 and ended on March 19 or 20 the next year. This followed the Persian or Solar Hijri calendar used there.

Australia

In Australia, a fiscal year, often called a "financial year," starts on July 1 and ends on June 30 the next year. For example, the financial year 2026 covers July 1, 2025, to June 30, 2026, and is called FY2025/26. This is used for official purposes and by most businesses. Some businesses may choose different dates based on their needs.

Austria

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

Bangladesh

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

Belarus

In Belarus, the fiscal year matches the calendar year, from January 1 to December 31.

Brazil

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

Bulgaria

In Bulgaria, the fiscal year is the calendar year, from January 1 to December 31, for both personal and corporate taxes.

Canada

In Canada, the government's fiscal year is from April 1 to March 31. For individual taxpayers, the fiscal year is the calendar year, from January 1 to December 31.

China

In China, the fiscal year for all entities is the calendar year, from January 1 to December 31.

Colombia

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

Costa Rica

In Costa Rica, the fiscal year is the calendar year, from January to December.

Egypt

In Egypt, the fiscal year runs from July 1 to June 30 the next year.

France

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

Germany

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

Greece

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

Hong Kong

In Hong Kong, the government's fiscal year runs from April 1 to March 31. Companies in Hong Kong can choose their own fiscal year end.

India

In India, the government's fiscal year runs from April 1 to March 31 the next year. For example, the fiscal year from April 1, 2026, to March 31, 2027, is called FY 2026–27. Some companies can choose their own fiscal year.

Indonesia

In Indonesia, since 2001, the fiscal year is the calendar year, from January 1 to December 31.

Iran

In Iran, the fiscal year usually starts on March 21 or 22 and ends on March 20 or 21 the next year.

Ireland

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

Israel

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

Italy

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

Japan

In Japan, the government's fiscal year runs from April 1 to March 31. The income tax year is from January 1 to December 31, but corporate tax depends on the company's chosen fiscal year.

Lithuania

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

Macau

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

Malaysia

In Malaysia, the tax year for individuals is the calendar year, from January 1 to December 31. Companies can choose their own fiscal year end.

Mexico

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

Moldova

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

Mongolia

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

Myanmar/Burma

In Myanmar, the fiscal year runs from April 1 to March 31.

Nepal

In Nepal, the fiscal year runs from July 16 to July 15 the next year.

New Zealand

In New Zealand, the government's fiscal year runs from July 1 to June 30 the next year. The company and personal financial year runs from April 1 to March 31.

Pakistan

In Pakistan, the government's fiscal year runs from July 1 to June 30 the next year. Private companies can choose their own fiscal year.

Philippines

In the Philippines, the government's fiscal year is the calendar year, from January 1 to December 31. Private companies can choose a 12-month fiscal period that may not match the calendar year.

Poland

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

Portugal

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

Qatar

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

Romania

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

Russia

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

Saudi Arabia

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

Singapore

In Singapore, the fiscal year for personal income taxes is from January 1 to December 31. The fiscal year for the government and many government-linked corporations is from April 1 to March 31. Corporations can choose their own fiscal year end.

South Africa

In South Africa, the government's fiscal year runs from April 1 to March 31. The tax year for individuals runs from March 1 to February 28 the next year. Companies can choose their own tax year end.

South Korea

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

Spain

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

Sweden

In Sweden, the fiscal year for individuals is the calendar year, from January 1 to December 31. Organizations can choose from several options for their fiscal year.

Switzerland

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

Taiwan

In Taiwan, the fiscal year is the calendar year, from January 1 to December 31. Companies can request approval to use a different fiscal year.

Thailand

In Thailand, the government's fiscal year runs from October 1 to September 30 the next year. For individual taxpayers, it is the calendar year, from January 1 to December 31.

Turkey

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

Ukraine

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

United Arab Emirates

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

United Kingdom

In the United Kingdom, the financial year runs from April 1 to March 31 for government financial statements. For personal tax purposes, the fiscal year starts on April 6 and ends on April 5 of the next calendar year. Companies can choose their own accounting year.

United States

Federal government

In the United States, the federal government's fiscal year begins on October 1 and ends on September 30 the following year. The current fiscal year is 2026, abbreviated FY26 or FY2025-26, beginning on October 1, 2025, and ending on September 30, 2026.

State governments

State governments set their own fiscal year. Forty-six states end their fiscal year on June 30. Two states have different fiscal years:

• New York, ends March 31
• Texas, ends August 31

The fiscal year for Washington, DC ends on September 30.

Vietnam

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

Businesses and organizations

For businesses, the tax year depends on the fiscal year they choose. Companies can pick any year-end that suits them. For example, farms often end their fiscal year after harvest, and stores often end theirs after the busy Christmas shopping time. Some businesses might choose a slower time of year so they have fewer things stored up at the end of their fiscal year.