The Maldives Inland Revenue Authority (MIRA) has said that the amount of tax collected from banks increased by 51 percent last year.
Banks are required to pay tax at the rate of 25 percent of their taxable income.
Commercial banks licensed under the Maldives Banking Act whether or not the bank is a resident of the Maldives are treated as a separate taxable person under the Income Tax Act.
According to the MIRA's 2024 annual report, bank income tax revenue increased by 51.9 percent.
In 2024, MIRA had collected USD 90.8 million in bank income tax which is 48 percent more than the estimated revenue of USD 64.4 million.
The actual revenue from bank income tax last year is 51 percent more than the USD 62.7 million generated in 2023.
Bank income tax revenue is estimated taking into account the average of revenue received in previous years and the expected GDP growth rate of the financial sector. The financial sector's GDP in 2024 increased by 8.88 percent compared to previous years, the report showed.