financial year

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Related to financial years: Fiscal Year End

Fiscal Year

1. A calendar businesses use to calculate revenue and expenses. Most businesses also use their fiscal year as the period their annual budgets operate. Most jurisdictions require businesses to issue financial statements each year but often do not specify when they must do so. Thus, fiscal years vary by business and jurisdiction. They tend to begin in the middle of the calendar year, particularly in retail, as the end of the calendar year is an exceptionally busy time. The U.S. Government's fiscal year starts on October 1. In nomenclature, if a fiscal year covers more than one calendar year it is designated by the calendar year in which it ends; for example, the U.S. government's fiscal year from October 1, 2008 to September 30, 2009 is called "FY 09."

2. In the United Kingdom, the tax year.

financial year

the period from 1 April to 31 March of the following year used for CORPORATION TAX purposes. Compare FISCAL YEAR.
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Specifically, NFA of the banking sector saw a net contraction of Rs 600 billion during July 1 to May 18, financial year 2017-18, capturing the monetary impact of external sector developments.
Despite a strong recovery in exports (year on year increase of 13.3 percent during July-April financial year 2017-18) and a moderate increase in workers' remittances (year-on-year growth of 3.9 percent), the growing imports to support higher economic activity and the sharp increase in oil prices have pushed the current account deficit to a higher level.
He stated that the total budget and budget variances for the Gambling Authority external trips and travel for the financial years 2016/2017, 2017/2018 and 2018/2019 stood at P630 217, P2 417 136 and P2 348 417 respectively.
As for the Gambling Authority risk and audit budget, Mr Goya said for the financial year 2016/2017 it was P270 837.
Mr Goya explained that the over expenditure under the Local Procurement for the financial year 2017/18 was due to the expenditure on hotels and accommodation outside the country.
Mr Goya clarified that the over expenditure in the 2016/2017 financial year was primarily due to the amount spent on training of new staff members at both the executive and general staff cadres.
He further said the over expenditure in the 2016/2017 financial year was due to the travel to conferences and expos by the board to sensitise them on the new license types that they would have to issue and regulate.
He stated that the over expenditure in 2017/2018 financial year was due to an under provision for external audit services.
Mr Goya explained that the over expenditure in the 2016/2017 financial year was due to under provision for staff recruitment, office relocation and utilities.
He said the over expenditure in the 2017/2018 financial year was due to an under provision for advertising, consultancy and professional fees as well as staff welfare and counseling services.
However, funding to the National Assembly has been cut to Sh31.7 billion from Sh36 billion this financial year. Judiciary will receive almost one billion less next financial year compared to the current Sh18 billion.

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