Bank Profit Tax improves in 2019


Image: Bank of Maldives / Facebook

The revenue collected to Maldives state in Bank Profit Tax during 2019 improved significantly.

As per statistics from Maldives Inland Revenue Authority (MIRA), Bank Profit Tax to the state by November 2018 reached MVR564 million.

Whereas in the corresponding period in 2019 the Maldivian government collected MVR613 million as Bank Profit Tax.

The banking sector, though it had faced a few hiccups during earlier quarters of the previous year had greatly improved by the finishing point with an increase on loans issued for construction sector.

Meanwhile the current administration had awarded several urban development projects to several contractors during the first year of Ibrahim Mohamed Solih’s term. Most of these projects are commencing in 2020 on official capacity.

The banking sector of Maldives in recent years has seen notable growth with as many as 7 registered banks operating in the country; while Bank of Maldives (BML) is well notable for their commitment towards the commercial and economic growth of the country.