According to statistics released by the Maldives Inland Revenue Authority (MIRA), the state generated MVR 2.7 billion in income tax during the first five months of this year. This marks a 28.5 percent increase compared to the same period last year. The majority of this revenue was contributed by corporate and non-individual entities. Additionally, income tax from banks saw a significant surge of 208 percent, while tax collections from non-residents and individuals also experienced growth compared to the previous year. The Income Tax Act has been in effect since 2020.
