Fiscal year July to the next 30 June and applies also to the budget. The company and personal financial year is 1 April to 31 March and applies to company and personal income tax. 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. 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
Fiscal policy a lower aggregate demand for goods and services, contrary to the objective of a fiscal stimulus. Neoclassical economists generally emphasize crowding out while Keynesians argue that fiscal policy can still be effective especially in a liquidity trap where, they argue, crowding out is minimal. Some classical and neoclassical economists argue that crowding out completely negates any fiscal stimulus; this is known as the Treasury View, which Keynesian economics rejects. The Treasury View refers to the theoretical positions of classical economists in the British Treasury, who opposed Keynes' call in the 1930s for fiscal stimulus. The same general argument has been