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of <h1>Amendments to Chapter XIV-B redefine 'undisclosed income,' include digital assets, and adjust block assessment timelines from 2025.</h1> The proposed amendments to Chapter XIV-B of the Act, effective February 1, 2025, aim to refine the block assessment process for search and requisition cases. Key changes include defining 'undisclosed income' to encompass virtual digital assets and aligning provisions for assessment abatement and revival. The amendments seek to clarify the computation of block period income, especially regarding disclosed income and international transactions. Additionally, the time limit for completing block assessments is adjusted to twelve months from the end of the quarter in which the last search authorization is executed, addressing coordination challenges in group cases.
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