Fiscal year the fiscal year is the calendar year, 1 January to 31 December. 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 and for corporate taxes. In Canada, the government's financial year is 1 April to 31 March. <br>(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
Fiscal federalism in a particular country, can be determined by using certain criteria that the author has evolved. The kind of policy solution to be applied will depend on the nature of asymmetry (VFA). Thus, there can be three types of VFAs: The VFI-VFG-VFD offers a nice framework to understand and debate issues surrounding fiscal federalism. VFD is a concept that has entered the lexicon of fiscal federalism and has the power to clarify the debate on intergovernmental financial relations. Vertical Fiscal Gap as the revenue deficiency arising from a mismatching between revenue means and expenditure needs. OECD Network on Fiscal Relations