My Neighborhood Watch #87 - Reporting Events Around us

It's always exciting to make post in a community like Steem4Nigeria. Before I start I would like to invite two fellow Steemians @zulbahri and @chiagoziee to participate in the contest.

Half-truths, half-accountability, half-hearted governance, and half-delivered schemes of Union Budget 2025 is termed by many.

As the current budget session is continuing yesterday, there were some important announcements of individual as well corporate income taxes provisions and amendments bills.

In the past several decades a lot of sections are being added in the income of the existing income tax act so that is being done away with now. Many provisions and sections have been curtailed so that is a good point and a hit since it's being effective from FY 27 is that what the proposal is made so both individual and corporate would get time to align with the new changes of course.

Earlier there was no kind of mention in the existing act about cryptocurrency Etc. Now you will see a lot of those with the taxability and proper definition of virtual digital assets besides there are also decriminalization Provisions are there.

They're replacing those with penalties. A lot of power being given to assessing officers. now you see a lot of audit being happening. As far as individual tax issues are concerned and corporate tax issues are concerned. so more power to assessing officers.

One important aspect here is that they are replacing the assessment year with tax year so again this is a compliance thing where there is a lot of confusion around the assessment year and previous year that will be replaced with tax year. There is also some kind of strengthening in terms of dispute resolution panels. So remember a lot of focusing on reducing the tax litigation because we have seen.

Thank you for reading my post.