What are payroll taxes in Gambia?

• Rental income

Rental income earned from leasing residential property is taxed at a flat rate of 8%. In computing for taxable income, repair and maintenance costs, interest on associated borrowings, and depreciation are deductible from the gross rent.

• Capital gains tax

Capital gains are assessed and taxed under special rules. Capital gains may be taxed in two ways, with the option that results in higher tax liability as the applicable method: net gains are taxed at 15%, or the 5% tax is levied on the selling price. Capital gains realized from the following transfers of property are exempt from taxation: Transfers of properties as a gift or inheritance. Transfers of real property for a consideration of GMD7,500 (US$188) or less (excluding properties valued at over GMD20,000 or US$500). There’re no social contributions in Gambia.