He said last year 73,444 companies were registered whilst during the first 11 months of 2023 the figure was 81,909.

For individuals, the count rose from 204,467 in 2022 to 500,196 by the end of November this year. Joint ventures also saw an increase from 13,776 to 15,579. Income tax registrations surged from 41,636 to 242,679, while VAT registrations rose from 10,604 to 13,546.

Highlighting the financial impact, Nafeer noted that the income of the Inland Revenue Department, which was Rs. 1,025 billion in 2019, decreased to Rs. 500 billion in 2020.

However,last year witnessed a significant increase to Rs. 1,500 billion, achieved through broadening the tax base and modifying tax rates.

To enhance tax compliance, Nafeer emphasised that starting from January 2024, all individuals above the age of 18 must obtain a Tax Identification Number (TIN) from the Inland Revenue Department.