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English definition of “tax year”

tax year

noun [C]
 
 
TAX, FINANCE, ACCOUNTING
any twelve-month period at the end of which tax is calculated on income during that period. The tax year can start in different months, depending on the country or organization: The figures for the tax year 2009/2010 are given in the table below. If the non-US shareholder was a nonresident alien who was physically present in the US during the tax year for more than 182 days, the distributions would be subject to a 30% tax. According to company records from the tax year ending September 2011, he is one of the highest paid CEOs in the state.
(Definition of tax year from the Cambridge Business English Dictionary © Cambridge University Press)
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