The taxable year shall be the State's fiscal year.

A taxpayer may use a 12-month period other than the one specified in paragraph (a) of this Article as a taxable year, in accordance with the restrictions specified in the Regulations.

If a taxpayer changes its taxable year, the interval between the last full taxable year prior to the change and the starting date of the new taxable year shall be considered a short independent fiscal period. The first year of a new taxpayer or the last year of a taxpayer in case of discontinuation or liquidation may be a short independent fiscal year, unless the Companies Law stipulates for it to be a long fiscal year.

Groups of related companies, as defined in Article 64 of this Law, shall use the same taxable year.