Significant increase in bank profit tax revenue

The tax on bank profit has increased last year significantly.

As per the Maldives Inland Revenue’s statistics, the tax received from bank profits in 2019 was MVR 613 million whereas, it was MVR 564 million in 2018.

The banks’ profits increased due to the economic growth of the Maldives. Especially in late 2019 even though at the beginning of the year there were few loans granted, during the last quarter it had increased, noted the central bank.

While the profits of the banks have increased, the government has awarded several infrastructure development contracts during its first year and most of the projects' works are being implemented.

There are seven banks established in the Maldives. The largest contributor for the development projects of Maldives is Bank of Maldives.