The State has collected MVR 33,299,575 in income tax in January.
According to the Maldives Inland Revenue Authority, they had collected MVR 33.2 million from Income Tax levied on individuals in January 2021. In addition, they had collected MVR 7,779,900 in Employee Withholding Tax. The total sum collected from individuals through Income Tax adds up to MVR 41,079,475.
According to government estimates, MIRA is expected to collect about MVR 95 million this year.
President Solih passed the Income Tax law in 2019, and it came into effect in April 2020.
Income Tax has five brackets:
- 0% for monthly income of MVR 60,000 or less,
- 5.5% for a monthly income between MVR 60,000 and MVR 100,000
- 8% for a monthly income between MVR 100,000 and MVR 150,000
- 12% for a monthly income between MVR 150,000 and MVR 200,000
- and 15% for monthly income of above MVR 200,000.
In January, the State collected MVR 1.615 billion in revenue from all taxes.