Enacted Tax Laws

Enacted tax laws are rules created by a government that specify how taxes should be collected and paid by individuals and businesses. These laws outline what types of income are taxable, the rates at which taxes are assessed, and any deductions or credits that can reduce tax liability. Once these laws are passed by the legislature and signed into law by the executive authority, they become enforceable. Understanding enacted tax laws is crucial for compliance and financial planning, as they directly impact how much tax one owes and how to manage deductions effectively.