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 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