The Finance Act

The Finance Act is a key legislative measure enacted annually by the government to update and modify tax laws, financial regulations, and fiscal policies. It addresses changes needed to implement the budget’s financial proposals, such as adjusting tax rates, introducing new taxes, or revising existing financial rules. Essentially, it ensures the legal framework supporting the country’s economy aligns with current economic goals and policies. The Act is crucial for maintaining a flexible and effective financial system, enabling the government to manage revenue collection, public expenditure, and economic stability effectively.