Fiscal year 1 January to 31 December. In Hong Kong, 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 FY. 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
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