The state has received USD 233.46 million in income tax during the first six months of this year, according to statistics released by the Maldives Inland Revenue Authority. This total represents a 30 per cent increase from the USD 175.10 million collected during the same timeframe last year, the agency’s published figures demonstrate.
Companies and non-individual entities provided the most substantial contribution to state coffers. Revenue from this sector reached USD 110.25 million in the first half of the year, a 10 per cent rise from the USD 97.28 million recorded during the corresponding period the previous year, the data indicates. Taxes levied on non-residents and temporary residents generated USD 52.14 million, reflecting a 27 per cent increase from the USD 41.12 million collected a year earlier.
Individual income taxes experienced more moderate growth, yielding USD 17.57 million, a 6 per cent increase from the USD 16.60 million accrued during the identical period last year. Banking sector collections demonstrated extraordinary expansion, reaching USD 50.26 million, a 164 per cent surge compared to the USD 19.07 million gathered over the same six-month period in the prior year, the report stated.
These collections operate under the national Income Tax Act, which instituted the taxation framework on 1 January 2020. Statutory provisions regarding the taxation of remuneration and wage income took effect on 1 April 2020, as the legislation subsequently mandated therein.