Finance Act

The Finance Act is a law passed annually by the government that updates and implements changes to financial regulations, primarily related to taxation, government spending, and economic policy. It outlines adjustments in tax rates, duties, and exemptions, ensuring the tax system remains effective and responsive to economic needs. In essence, it formalizes the government's fiscal policies for the year, providing a legal framework for revenue collection and expenditure. The act helps manage the economy, support public services, and promote growth by making necessary financial adjustments and reforms.