What exactly are tax reforms?

Tax reforms are government-led changes to a country's existing tax laws, designed to modify tax rates, exemptions, deductions, and overall revenue collection for specific economic or social objectives.

Why do governments implement tax reforms?

Governments implement reforms to stimulate economic growth, address budget deficits, redistribute wealth, simplify the tax code, or encourage specific behaviors like investment or environmental protection.

How do tax reforms typically affect individuals?

For individuals, reforms can alter take-home pay through changes in income tax rates, modify the cost of goods via consumption taxes, or impact savings and investments through capital gains adjustments.

What is the impact of tax reforms on businesses?

Businesses can experience changes in corporate tax rates, deductions for investments, or incentives for job creation, affecting profitability, operational costs, and investment decisions.