The following payments are exempted from withholding tax:

• Premium paid to a resident insurance company.
• Payment for the sale of goods which constitute trading stock of both the vendor and the purchaser.
• Interest or dividend paid or credited to a holder or member on the investment in an approved unit trust scheme or mutual fund.
• Interest paid to a resident financial institution.
• Payments made to persons specifically exempted from tax.
• Income or activity exempted from tax.
• Payments that have been granted exemption from withholding tax by the Commissioner-General.
• Dividend paid by a resident company to another resident company that controls directly or indirectly at least 25% of the voting power in the company paying the dividend. This does not include redeemable shares.
• Cumulative contract sums of the supply of goods, services, and works not exceeding GH¢ 2,000.

(Any 4 points @ 2.5 marks each = 10 marks)