The Inland Revenue Department (IRD) has clarified that the public selling their residential property or personal vehicles are able to do so without paying tax, provided certain conditions are met.Speaking during a media briefing, an IRD official said that for residential property, sellers are exempt if they have held legal ownership for at least three years prior to the sale and have resided at the said location for over two years during that period. If these conditions are met, the full amount from the sale is tax‑free, he said.

He added that transfers of property to family members or children are also exempt, with tax applying only when sold to third parties.On vehicles, he said that the previous taxation system has been removed under the amended act. He explained that from April 01, 2024, the sale of personal vehicles is entirely tax‑free, regardless of the vehicle’s age, condition, or model.