Over 60,000 individuals earn above MVR 60K monthly

Over 60,000 individuals were registered in the Maldives as eligible for income tax as of the end of last year, according to information released by Maldives Inland Revenue Authority (MIRA).

MIRA’s 2025 report shows total 86,637 parties were registered as income tax payers.

This includes 60,489 individuals and 25,865 companies and other business entities.

29 parties applied to de-register as income tax payers, including eight individuals and 21 companies.

The Maldives introduced individual income tax in 2020, requiring all individuals who earn an income of MVR 60,000 or more to pay the tax.

The state earned MVR 5.5 billion in income tax last year – including MVR 172 million in individual income tax – making for 3.3 percent of the total.

The highest tax revenue came from companies and other business entities.

Last week, President Dr. Mohamed Muizzu announced the decision to stop providing full coverage under the public health insurance Aasandha scheme for people who earn a monthly income of MVR 60,000 and higher.

He said that such individuals would instead need to opt for co-pay or pre-pay and pay an annual fee to the government.

He estimates the proposed change will save MVR 287 million in annual budget expenses.