Richard Quaye: Bills Micro-Credit Founder Tax Valued At GH¢30 Million So Far After GRA Assessment
- Bills Micro-Credit founder Richard Nii-Armah Quaye's income tax has been valued at around GH¢30 million
- The valuation came after a preliminary tax assessment by the Ghana Revenue Authority
- The assessment has come after Quaye’s extravagant 40th birthday celebration on March 22
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Bills Micro-Credit Founder, Richard Nii-Armah Quaye's income tax has so far been valued at around GH¢30 million after a preliminary tax assessment but the Ghana Revenue Authority.
In an example of his assets captured in the assessment, Citi News reported that the import duty on a car acquired by Quaye was GH¢11.4 million, which he is said to have settled.
Source: Facebook
The tax assessment concerns unpaid personal income tax that has reportedly yet to be settled.
Joy News reported that discussions have started for Quaye to pay all tax obligations as a businessman.
Earlier reports suggested that the authority had frozen the accounts of the entrepreneur.
Joy News also reported that the authority denied these claims.
According to the Ghana Revenue Authority, the assessment is a collaborative tax administration exercise undertaken periodically, especially with clients who have good records of tax payments.
This evaluation by tax officials follows the businessman’s highly publicised 40th birthday celebration.
Quaye had been claiming immense wealth in interviews ahead of the party.
The company accounts of Bills Micro-Credit, Quick Credit and Investment Micro-Credit are reported to have been frozen by the Financial Intelligence Centre.
Citi News reported that Quaye's accounts and that of Bills Micro-Credit CEO, Romeo-Richlove Kweku Seshie were also frozen.
There was no indication that the scrutiny of Quaye's wealth by the state was linked to his birthday party.
Bills Micro Credit Limited earlier stated that its business operations were separate from Quaye's personal life.
About the freezing of Richard Quaye-related accounts
The Financial Intelligence Centre froze a number of accounts believed to be linked to Quaye.
The frozen accounts included Bills Micro-Credit, Quick Credit and Investment Micro-Credit.
The account of Romeo-Richlove Kweku Seshie, Chief Executive Officer of Bills Micro-Credit was frozen.
GNA reported that the Financial Intelligence Centre said its actions are in line with Section 56(1) of the Anti-Money Laundering Act, 2020 (Act 1044).
The freeze applies to all accounts linked to the named individuals, pending further instructions, as part of routine regulatory oversight to ensure compliance with tax obligations.
The Financial Intelligence Centre is the National Centre for receiving and analyzing suspicious transaction reports related to Money Laundering, Terrorist Financing, and Proliferation Financing (ML/TF&P), and providing actionable intelligence to relevant authorities.
About Richard Quaye's birthday party
Quaye held a grand party to celebrate his 40th birthday on March 22. The lavish birthday celebration took place at the Independence Square.
The party featured high-profile guests and celebrities ranging from the Ga Mantse to Nigerian singer Davido.
Quaye's business partners surprised him with three new luxury cars including a Toyota Land Cruiser 300 Series, a Lexus LX 600, and a Mercedes-Benz G-Class (G 63 AMG) at the birthday celebration.
A lawyer, Maurice Ampaw, criticised Quaye's extravagance telling Movement TV that it was too excessive.
"It is your choice. You have made money but to me, I think the celebration was too excessive. It was too massive and excessive."
Ampaw also felt that the Bills Micro Credit founder's claims about how he amassed his vast fortunes were untrue.
Quaye claimed to have invested in more than 30 Ghanaian companies including the popular fast-food chain Chickenman Pizzaman.
He also said he holds the franchise rights to Pinkberry and Burger King in Ghana.
Richard Quaye acquires Bugatti and private jet
YEN.com.gh also previously reported that Richard Quaye purchased a Bugatti Chiron Sport and a private jet ahead of his birthday.
The Bugatti was noted as being identical to one purchased by businessman Osei Kwame Despite for his 60th birthday in 2022.
Quaye's private jet, a Gulfstream G200 Galaxy, also arrived in Ghana days after he announced the acquisition of the plush car.
The entrepreneur and businessman's acquisition of the jet courted some controversy after ownership of the aircraft was disputed.
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Source: YEN.com.gh
