The Ghana Revenue Authority (GRA) has assessed the personal income tax of Richard Nii Armah Quaye, founder of Bills Micro-Credit, at not less than GH¢30 million. This figure is provisional and may rise as GRA officials continue their investigations into his financial activities.
As part of the inquiries, it has been revealed that Mr. Quaye has already paid GH¢11.4 million in import duties for a vehicle he acquired.
The ongoing tax assessment pertains to outstanding personal income tax obligations. This review is part of standard regulatory procedures aimed at ensuring compliance among entrepreneurs.
The scrutiny comes shortly after Mr. Quaye’s lavish 40th birthday celebration, which garnered considerable attention on social media.
Meanwhile, Classfmonline.com has published that the Importers and Exporters Association of Ghana (IEAG) has strongly criticised GRA for its handling of tax-related issues involving renowned businessman and founder of Bills Micro-Credit, Mr. Richard Nii Armah Quaye.
In a press statement issued on Monday, and signed by Samson Asaki Awingobit, the Executive Secretary expressed concern over the GRA’s decision to publicly freeze Mr. Quaye’s bank accounts over alleged tax discrepancies.
“If the GRA has concerns about his tax compliance, there are diplomatic and professional channels through which these matters can be addressed, rather than resorting to actions that appear to publicly humiliate and vilify him,” the statement read.
The Association further called on the GRA to adopt a more constructive approach when dealing with business leaders, citing examples from other African countries like Kenya and Nigeria, where successful entrepreneurs are actively supported and protected.
The IEAG warned that Ghana risks discouraging business growth if it continues to use state institutions in ways that undermine local entrepreneurs.
The statement also noted that Mr. Quaye, like any other businessman, deserves the opportunity to address any tax discrepancies through fair and confidential processes.
The IEAG urged the GRA to engage Ghanaian business leaders professionally to ensure a thriving business environment that supports economic development.
The Association reaffirmed its solidarity with Mr. Quaye, calling on authorities to handle such matters with professionalism and discretion, to maintain investor confidence in Ghana’s economy.