The Maldives Inland Revenue Authority (MIRA) has reported a 51 per cent increase in tax revenue collected from banks in 2024, marking a significant year-on-year growth in the sector’s tax contributions.

Banks in the Maldives are required to pay tax at a rate of 25 per cent on their taxable income, making them one of the highest-taxed entities in the country’s corporate sector.

According to MIRA’s Annual Report, the authority collected MVR 1.4 billion as Bank Income Tax in 2024, a figure 48 per cent higher than the projected amount.

This also represents a 51.9 per cent increase compared to the amount collected in 2023, when MIRA collected a total of MVR 967 million as Bank Income Tax.

Bank income tax revenue is estimated based on the average revenue collected in recent years and the projected growth of the financial sector’s GDP.

In 2024, the financial sector’s GDP grew by 8.88 per cent compared to previous years, contributing to the significant increase in bank tax revenue collected by MIRA.