Maldives Inland Revenue Authority (MIRA) has stated that there are 2,892 Maldivian employees from private companies who have to pay Income Tax in the third quarter of 2022.
As per the Summary Statistics report published by MIRA, a total of 590 employers are registered with the authority to pay Income Tax in the third quarter. Of these, 14% are government institutions and 86% are private companies. Meanwhile, 570 private companies have registered with MIRA as taxable employers, according to the report.
MIRA stated that a total of 13,840 employees are registered with the authority, of which 7,598 are Maldivian employees. Of these, 2,892 are taxpayers earning more than USD4,000 per month. MIRA also stated that of the employees registered as taxable, 45.1% of them are foreign employees. There are 6,242 foreign employees registered with MIRA, of whom 4,957 foreigners earn more than USD4,000 per month and are liable to pay taxes, according to the report.
The government has received USD2 billion so far this year and tax revenue accounts for the largest share of state revenue. According to the Ministry of Finance, tax revenue stood at USD1.2 billion so far this year compared to USD800 million during the same period last year which is a significant increase of 6.7%. The finance ministry estimates that the government will receive USD2.1 billion in total revenue and grants next year which is an increase of 21.8% compared to 2022.