Merits and Demerits of making Jan-Dec as a Financial Year

Problematic for MNCs - Though we may criticize MNCs on various fronts, it is seen that they bring in business and employment. Since they have presence in multiple countries, they need to manage their accounts and deal with 2 types of fiscal years. That is exhausting, time consuming and increases their operational costs. Major changes needed - If we want Jan-Dec period then many major changes are needed like shifting Parliamentary Sessions, budget presentation in November-December, reorganizing tax infrastructure and its various laws, tax assessment year, etc.