Maldives Inland Revenue Authority (MIRA) has collected USD19 million as Income Tax so far this year, which is a 48% increase compared to the same period last year.
The Weekly Fiscal Developments report published by the Ministry of Finance shows that the Maldives receives most of its revenue from taxes, such as import duty, business and property tax (BPT), Goods and Services Tax (GST), and Tourism Goods and Services Tax (TGST). Around USD1.5 million was received in revenue so far this year, of which USD1 million or 72% was received from tax revenue.
The Income Tax Act came into effect on January 1, 2020. All individuals who earn a monthly income of at least USD3,900 are required to pay the income tax. The statistics from MIRA show that 7,849 employees are required to pay Income Tax, which includes 2,892 Maldivians and 4,957 foreigners.
Around 87% of the employees liable to pay the income tax are working at private companies. As such, a total of 1,253 employees are working as chefs and waiters, while 1,031 employees are working in management.