The Maldives Inland Revenue Authority (MIRA) has stated that the amount of tax collected from bank income has increased by 51% last year. Banks are required to pay 25% of their taxable income as tax. Income tax is a tax levied under the Income Tax Act. Under this law, banks are considered separate taxable entities. According to MIRA’s annual report for the past year, the revenue from “Bank Income Tax” has increased by 51.9%.
In 2024, MIRA received 1.4 billion rufiyaa as Bank Income Tax. This is 48% more than the projected revenue. The projected revenue was 993 million rufiyaa. While 1.4 billion rufiyaa was received as Bank Income Tax in 2024, this is a 51.9% increase compared to the previous year. In 2023, 967 million rufiyaa was received.
Bank Income Tax revenue is projected based on the average of revenue collected in previous years and considering the expected GDP growth of the financial sector. Compared to previous years, the financial sector’s GDP in 2024 has increased by 8.88%.
