Executive Rule No. 7 outlines the regulations for establishing the first accounting period for an Incorporated Body. It specifies that the standard fiscal period is the Gregorian year. However, an entity may apply to The Tax Department for an alternative first fiscal period, which must not exceed 18 months. This application must be submitted within three months of signing a contract or commencing activity. The Rule grants The Tax Department discretionary approval and stipulates that a lack of response within 30 days constitutes an implicit refusal.