Education Sector Takes the Lead in Personal Income Tax Contributions from 2020 to 2022
Photo: MV+
The Maldives Inland Revenue Authority (MIRA) has disclosed personal income tax payments spanning from 2020 to 2022, with the results highlighting the Education sector as the foremost contributor to personal income tax, making up 28.73% of the total contributions.
The Maldives Inland Revenue Authority (MIRA) has disclosed personal income tax payments spanning from 2020 to 2022.
Read more: https://t.co/qbXtcaAm9r— MV+ (@mvplusmedia) October 21, 2023advertisement
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Education Leads the Way
During this three-year period, the education sector emerged as the leading contributor, accounting for a substantial 28.73% of the total personal income tax revenue. This points to the sustained financial support from individuals within the education industry.
Wholesale and Retail Trade, Repair of Motor Vehicles, and Motorcycles
The wholesale and retail trade, including the repair of motor vehicles and motorcycles, followed closely behind, representing 26.57% of the income tax payments. The sector evidently remains a crucial component of the economy, with a considerable financial footprint.
Real Estate Activities Maintain a Steady Share
Real estate activities retained a significant position, contributing 15.38% of the personal income tax revenue during this period. This highlights the sector’s continued economic relevance.
Administrative and Support Service Activities
The administrative and support service activities sector made a noteworthy contribution of 14.06% to the total income tax revenue. This underscores the financial participation of individuals in this industry.
Agriculture, Forestry, and Fishing
Contrastingly, the agriculture, forestry, and fishing sector accounted for a relatively modest 2.45% of the total personal income tax payments, emphasising a comparatively smaller fiscal footprint within the tax structure.
Other Sectors
Lastly, the category labeled “others” collectively represented 6.83% of the personal income tax revenue during the specified period. This encompasses a range of diverse industries, each making a discernible contribution.
