Act 25 (Tax Reform Act)

Act 25, also known as the Tax Reform Act, refers to legislation aimed at overhauling or modifying the taxation system within a jurisdiction. This act typically focuses on simplifying tax codes, adjusting tax rates, closing loopholes, and ensuring a fairer distribution of tax burdens among individuals and businesses. It may also introduce incentives for specific sectors, such as renewable energy or small businesses. The overarching goal is to enhance revenue generation while promoting economic growth and fairness in the tax system, ultimately impacting individuals' and companies' financial obligations.