No tax on donations to siblings

Alongside existing exemptions for spouses, parents, and children, the government has proposed tax exemptions on donations made to siblings as part of its latest fiscal measures.

According to the budget proposal placed on June 2, cash or immovable property such as land and flats can now be transferred between siblings without incurring any tax liability.

The move is expected to ease the process of intra-family asset transfers and reduce legal complexities.

Until now, any donation made to individuals other than spouses, parents or children was subject to tax.

The inclusion of siblings broadens the scope of familial tax relief.

The new measure brings clarity by including such transfers under tax-free donations.