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Capital Gains TaxCapital gains tax of 15 per cent is payable on any profit realized from the sale of a chargeable asset, which includespart of, or a right or an interest in, shares of a resident company, buildings of a permanent or temporal nature,business and business assets (including goodwill), and land situated in Ghana. A chargeable asset is treated as arealized asset when the asset is sold, exchanged, surrendered, or distributed by the owner. Exemptions from thepayment of capital gains tax under the law include: Capital gains up to a total of 50 currency points per year of assessment on capital gains realized by a person; Capital gains accruing to or derived by a company arising out of a merger, amalgamation, or reorganization of thecompany, when there is continuity of underlying ownership in the asset of at least 25 per cent; and Capital gains when the amount received or realized is, within one year of realization, used to acquire a chargeableasset of the same nature.National Social Security Scheme ContributionA company must deduct an amount equal to 5.5 per cent from each employee’s basic monthly salary and contributean amount equal to 13 per cent of the basic monthly salary to the mandatory social security scheme. This must bedone within 14 days from the end of each month.Capital AllowanceThe tax laws of Ghana provide for capital allowance instead of depreciation for a company’s depreciable assets. Theasset must be in the nature of the company’s capital, owned by the company, and used for the production of itsincome. The GRA must be notified in writing within one month after the asset has been put to use. Table II sets outthe categories of depreciable assets, their classes, and applicable rates.Table II: Depreciable Assets – Categories, Classes, and RatesClass Items Applicable Rates1 Computers and data-handling equipment 40%2 Automobiles and manufacturing plant and machinery 30%Assets in respect of long-term crop planting costs of acapital nature3 Mineral and petroleum exploration and productionrights80%/5%/50%Buildings, structures, and works of a permanentnature used in mineral and petroleum prospecting,exploration, and development, which are likely to beof no value when the rights are exhausted or when theprospecting, exploration, or development ends