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Founder and Board Chairman of Bills Micro Credit, Richard Nii Armah Quaye, is currently undergoing a personal income tax assessment by the Ghana Revenue Authority (GRA), Citi Business News has reported. The review concerns outstanding tax obligations, though the exact amount remains undisclosed.
This initiative forms part of the GRA’s routine efforts to ensure tax compliance among high-net-worth individuals. However, contrary to speculation circulating on social media, sources indicate that Quaye’s bank accounts have not been frozen.
READ MORE: GRA reportedly freezes billionaire Richard Armah’s bank accounts hours after lavish party
Further reports suggest that an import duty issue involving one of Quaye’s vehicles had previously arisen but has since been settled. Despite online claims, no official confirmation has been made regarding any punitive measures beyond the ongoing tax assessment.
The scrutiny of Quaye’s finances comes just days after his opulent 40th birthday celebration, which gained significant attention on social media. While it remains unclear whether the tax probe was initiated before or after the event, public discourse surrounding his wealth has intensified.
In response to growing speculation, Bills Micro Credit Limited has issued a formal statement distancing the company from Quaye’s private financial dealings. The company reiterated that it operates as a separate legal entity and does not fund or support the chairman’s personal acquisitions or social events.
Furthermore, the statement clarified that Quaye does not serve as the CEO of Bills Micro Credit but holds the position of Board Chairman. This clarification follows widespread debate linking the institution to his extravagant lifestyle, particularly his high-profile birthday celebrations.
Meanwhile, The High Street Journal had previously reported that Quaye’s bank accounts had allegedly been frozen due to discrepancies in his tax filings. The publication cited sources claiming that Quaye, who is said to have connections to 29 different companies, was being scrutinised over tax declarations that did not align with his financial obligations.
READ MORE: Founder of Bills Microcredit gifts himself a Jet and Bugatti Chiron ahead of his birthday
The report further alleged that the freeze followed his extravagant birthday event, which some sources estimated to have cost up to $2 million.
Despite these claims, neither the GRA nor Richard Nii Armah Quaye has issued an official response to the allegations.