Resort Tycoon Siyam Named Top Individual Taxpayer

MP and resort owner Ahmed Siyam Mohamed is officially the Maldives' highest individual taxpayer. The Maldives Inland Revenue Authority awarded him the 'Ranlaari Award' on Thursday, recognizing him as the top individual contributor under the modern Income Tax Act. Siyam, whose Sun Siyam Group operates luxury resorts locally and abroad, was honoured for his perfect tax compliance during the last fiscal year.

MP Ahmed Siyam Wins MIRA Ranlaari Award as Maldives' Highest Individual Income Taxpayer

Prominent businessman and Member of Parliament for the Meedhoo constituency, Ahmed Siyam Mohamed, has been officially recognized as the highest individual income taxpayer in the Maldives. The Maldives Inland Revenue Authority (MIRA) presented him with the prestigious 'Ranlaari Award' in the individual category during a special ceremony held on Thursday night.

The award acknowledges Siyam's exceptional tax compliance and position as the top individual financial contributor to the state during the previous tax year, calculated from January 1 to December 31. MIRA highlighted that this marks the first time the award has been issued under the modern Income Tax Act, which replaced the former Business Profit Tax (BPT) regime in 2020.

The Ranlaari Awards, designed to encourage regulatory compliance and appreciate top taxpayers, were reintroduced last year after a hiatus following 2019. Siyam was among several businesses and individuals honoured across various categories at the ceremony. His company, the Sun Siyam Group, has a strong history of receiving similar accolades from the tax authority for consistent regulatory adherence.

As one of the most successful Maldivian entrepreneurs, Siyam’s business operations maintain strong credibility with international financial institutions. He has previously credited his corporate growth to the unwavering trust and financial backing of foreign banks and investors. The Sun Siyam Group currently operates five luxury resorts in the Maldives—Siyam World, Iru Fushi, Vilu Reef, Iru Veli, and Olhuveli—alongside an additional resort property in Sri Lanka.