According to statistics released by the Maldives Inland Revenue Authority (MIRA), the state collected MVR 2.3 billion in income tax during the first quarter of this year. This represents a significant 31% increase compared to the same period last year.
The largest portion of this revenue, amounting to MVR 1.2 billion, was contributed by corporate and non-individual entities. Furthermore, tax revenue from banks saw a substantial growth of 207%, while collections from non-residents and individuals also showed an upward trend compared to the previous year.
Introduced in 2020, the income tax is levied on the worldwide income of residents in the Maldives, as well as on income derived from the Maldives by non-residents.
