Revenue in the form of bank income tax for the state has gone up to 160 percent.

The state received MVR 776 million in bank income tax in the first six months of 2026, and in the same time last year, the state received MVR 294 million.

27 percent of the revenue the state received in the first six months of 2026 came from bank income tax.

After taxes were implemented under the Income Tax Act, the Bank Profit Tax Act was repealed. The Income Tax Act came into force in April 2020.

Banks now have to pay 25 percent of their revenue as income tax.

The state has received MVR 3.6 billion as income tax in six months, which is a 33 percent increase from the same time frame last year.

While the state received MVR 19 billion in revenue in the first six months of 2026, MVR 15 billion of that amount was accounted for as tax.