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Table 2Type of Income Germany South Belgium Italy Netherlands United France SwitzerlandAfricaKingdomTechnical/Management fees 8 10 10 10 8 10 10 8Interest 10 10 10 10 8 12.5 10 10%Royalties 8 10 10 10 8 12.5 10 8%Dividends;Capitalization of profits isdeemed to be a distributionof dividends but does notapply to a company duringthe first five years ofcommencement ofbusiness.555557.57.5Companieswhich holdmore than10% of theshares of acompany-5%All other cases1515151510151515%Tax Payable by EmployeesThe income tax rate for employees who are residents ranges from 0 per cent to 25 per cent on a graduated incomescale. Employees are taxed on the income accruing from their employment. An individual who spends more than183 days in Ghana in any year of assessment is deemed to be resident for tax purposes.Income tax is deducted at source by the employer and paid to the Ghana Revenue Authority (GRA) according towhat is commonly referred to as the Pay As You Earn (PAYE) system. Each registered company is issued with aTax Identification Number, for the purpose of identifying taxpayers.Property TaxProperty tax is payable by the owner of premises to the local authority, based on the ratable value of the premises.The obligation of the owner to pay the property tax may be assigned to the tenant/lessee by contract.Value-Added Tax/National Health Insurance LevyThere is currently a 12.5 per cent value-added tax (VAT) and 2.5 per cent National Health Insurance Levy (NHIL)on the supply of goods and services.