MVR 1.5 billion collected in income tax, decline in business contributions

Income tax collections for the first six months of this year stood at MVR 1.5 billion, according to the Maldives Inland Revenue Authority (MIRA).

The figure was 1.2 percent, which is MVR 19 million below estimates, mainly due to lower payments from businesses.

MIRA said that corporate income tax collections in the second quarter dropped 24 percent compared to the same period last year, totaling MVR 382 million.

Meanwhile, non-resident withholding tax revenue increased by 11 percent to MVR 305 million. Bank income tax surged 70 percent to MVR 134 million, while personal income tax rose 27 percent to MVR 122 million.

Overall tax collections in the first half of the year reached MVR 13.4 billion, with Tourism Goods and Services Tax (TGST) remaining the largest contributor. Total revenue exceeded projections by 7 percent.

Overall tax collections in the first half of the year reached MVR 13.4 billion, with Tourism Goods and Services Tax (TGST) remaining the largest contributor. Total revenue exceeded projections by 7 percent.