According to the Finance Ministry, the Maldives Inland Revenue has collected MVR 298 million in income tax so far this year.
The Finance Ministry has released data on government expenditures and revenues, revealing that income tax revenue has grown so far this year compared to last.
Taxation, according to the Finance Ministry, accounts for the largest share of government revenue. Import tariffs, business and property taxes, BPT, goods and services tax, tourism goods and services tax, and income tax are all sources of revenue.
On January 1, 2022, Maldives implemented a personal income tax. Those earning more than MVR 60,000 per month are subject to income tax.
According to the Maldives Inland Revenue Authority, there are 7,849 persons who are subject to personal income tax or income tax. According to the government, there are 2892 local employees and 4,957 international employees who are subject to income tax.
So far this year, the government has collected MVR 298.2 million in income tax, according to the Finance Ministry. This represents a 48.2% increase over MVR 201.2 million in the same period last year.