State earns MVR 19m as income tax

The Maldivian government earned MVR 19.9 million as income tax in May.

Statistics issued by the Maldives Inland Revenue Authority (MIRA) show that income tax accounted for up to 9.7 percent from the total earnings of the state.

MIRA said that the Business Profit Taxes were still collected under the previous act related to the tax. MVR 1.4 million was earned as BPT in May, while MVR 16.4 million was received from non-resident withholding tax. MVR 2 million was also received from the income tax on the wages and salaries of individuals as well as employee withholding tax.

The Maldives started collecting income tax from the profits of individuals other than their salaries or wages in January. Taxes were collected starting from March from the wages and salaries of individuals. 

The tax brackets for the collection of taxes are as follows.

• 0 - MVR 60,000
• MVR 60,000 – MVR 100,000: 5.5 percent
• MVR 100,000 – MVR 150,000: 8 percent
• MVR 150,000 – MVR 200,000: 12 percent
• MVR 200,000 and above: 15 percent

The deadline for income taxes is the 15th of every month. The first month’s deadline will lapse on May 15th.