Maldives Inland Revenue Authority reveals that tax revenue generated from bank profit tax had increased in 2019 compared to the past years.
The government received MVR 613 million as bank profit tax last year, compared to MVR 564 million in 2018.
With the increase in borrowings, the profits of banks through interest increases. This shows that investment is growing in the country, indicating better economic performance. However, it is important that the revenue government receives from these taxes are spent well on the public.
Maldives has 7 banks presently: Bank of Maldives, Commercial Bank of Maldives, Islamic Bank, Bank of Ceylon, Habib Bank, Mauritius Bank and State Bank of India.