first of the year

[angelsrolls]

Hello,

"The two companies will probably merge by the first of the year."

Source: Building Skills for Proficiency by Cesur Öztürk

What does the first of the year mean in the context above? Does it mean the first day of the year or the first quarter of the year?

 

[bubbha]

It means January 1.

 

[Tdol]

I'd assume January 1st, but I wonder whether it could also mean April 1st for countries whose tax year starts in April.