princess_morbucks
29-10-13, 14:24
http://www.straitstimes.com/breaking-news/asia/story/beijing-divorces-soar-couples-seek-avoid-property-tax-20131029
BEIJING (AFP) - Beijing's divorce rate has soared as couples seek to avoid a property tax imposed earlier this year by using a loophole for those whose marriages end, state media reported on Tuesday.
Nearly 40,000 couples divorced in the Chinese capital in the first nine months of this year, up 41 percent on the same period in 2012, the Beijing Youth Daily said, citing official figures.
In March China introduced a nationwide capital gains tax of 20 percent on the profits owners make from selling residential property.
But the terms allow couples with two properties who divorce and put each house into one person's name to then sell them tax-free under certain conditions - after which they can remarry.
BEIJING (AFP) - Beijing's divorce rate has soared as couples seek to avoid a property tax imposed earlier this year by using a loophole for those whose marriages end, state media reported on Tuesday.
Nearly 40,000 couples divorced in the Chinese capital in the first nine months of this year, up 41 percent on the same period in 2012, the Beijing Youth Daily said, citing official figures.
In March China introduced a nationwide capital gains tax of 20 percent on the profits owners make from selling residential property.
But the terms allow couples with two properties who divorce and put each house into one person's name to then sell them tax-free under certain conditions - after which they can remarry.