GRA Refutes Claims Of Freezing Businessman Richard Nii Armah Quaye’s Financial Accounts

The Ghana Revenue Authority (GRA) has refuted claims that it has frozen the financial accounts of Richard Nii Armah Quaye, Chairman of microcredit firm BILLS. This clarification comes in response to widespread reports suggesting that Quaye’s accounts had been restricted due to tax-related concerns.

In a statement, the GRA emphasized that the ongoing tax assessment is part of its standard audit procedures and does not constitute an account freeze. The authority reiterated that its engagements with Quaye are focused on ensuring tax compliance rather than imposing punitive measures.

According to the GRA, this assessment is a routine process conducted periodically on businesses and high-net-worth individuals to verify tax compliance and uphold financial regulations. Sources within the authority have confirmed that discussions with Quaye are still ongoing, with the primary aim of addressing any outstanding tax obligations.

The GRA underscored that such audits are common and are intended to enhance transparency within Ghana’s tax system. “The audit is a routine exercise meant to strengthen cooperation between the GRA and taxpayers as part of efforts to boost tax revenue this year,” a source told Joy Business.

Despite earlier reports to the contrary, the GRA has clarified that Quaye’s accounts remain active. However, he is required to settle any outstanding tax payments, including duties on imported goods, as part of the compliance process.

Source: Nkonkonsa.com