Daily Sabah logo

Politics
Diplomacy Legislation War On Terror EU Affairs Elections News Analysis
TÜRKİYE
Istanbul Education Investigations Minorities Expat Corner Diaspora
World
Mid-East Europe Americas Asia Pacific Africa Syrian Crisis Islamophobia
Business
Automotive Economy Energy Finance Tourism Tech Defense Transportation News Analysis
Lifestyle
Health Environment Travel Food Fashion Science Religion History Feature Expat Corner
Arts
Cinema Music Events Portrait Reviews Performing Arts
Sports
Football Basketball Motorsports Tennis
Opinion
Columns Op-Ed Reader's Corner Editorial
PHOTO GALLERY
JOBS ABOUT US RSS PRIVACY CONTACT US
© Turkuvaz Haberleşme ve Yayıncılık 2023

Daily Sabah logo

عربي
  • Politics
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • Elections
    • News Analysis
  • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Expat Corner
    • Diaspora
  • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • Islamophobia
  • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
  • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
  • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Reviews
    • Performing Arts
  • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
  • Gallery
  • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
  • TV

China remarriages surge in divorce tax loophole

by

BEIJING Mar 20, 2015 - 12:00 am GMT+3
No Image
by Mar 20, 2015 12:00 am
Twice as many divorced couples are remarrying in China's financial capital Shanghai as did so before fiscal changes made splitting up a way to avoid property taxes, reports showed Friday.

In 2013 China applied a 20 percent capital gains tax on the profits owners make from selling residential property, as part of efforts to rein in rampant speculation and prices that were soaring at the time. But the terms let couples with two properties sell them tax-free under certain conditions if they divorced and put each house in one person's name - after which they could get back together. The policy triggered "an avalanche of divorce cases in many cities nationwide," the China Daily reported.

A total of 17,286 divorced couples remarried in Shanghai last year, it said, citing official data. In 2012, before the changes, the figure was only 8,068, according to other reports. Similar increases have been seen in cities including Jiangsu provincial capital Nanjing, as residents retied the knot "after taking advantage" of the loophole, the China Daily said. "The extraordinary surge in the remarriage rate shows that a large proportion of those who divorced did so in a fake way," it quoted Ming Li, deputy director of the China Marriage and Family Counseling Center, as saying. Some divorcing couples would bring parents and children along when they filed for separation, she added, "as if the entire family was attending a joyful event." In Nanjing, nearly 25,000 divorced couples reunited last year, making up nearly 30 percent of total marriages, the city's Yangtse Evening Post reported in January. But new divorces have fallen as the property market has cooled, it said.

Starting from 2010, major Chinese cities limited families to one new apartment purchase and imposed other restrictions, including higher down payments and mortgage interest rates for second homes, as price rises fuelled public anger.

The measures have been phased out in many areas in recent months as sales volumes dropped.
  • shortlink copied
  • Last Update: Mar 20, 2015 9:01 pm
    RELATED TOPICS
    fight-against-terrorism DEUTSCHE-BANK US-LIBYA-RELATIONS
    KEYWORDS
    business
    The Daily Sabah Newsletter
    Keep up to date with what’s happening in Turkey, it’s region and the world.
    You can unsubscribe at any time. By signing up you are agreeing to our Terms of Use and Privacy Policy. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
    No Image
    Palestinians, NATO summit and rocket: Top pictures of the week
    PHOTOGALLERY
    • POLITICS
    • Diplomacy
    • Legislation
    • War On Terror
    • EU Affairs
    • News Analysis
    • TÜRKİYE
    • Istanbul
    • Education
    • Investigations
    • Minorities
    • Diaspora
    • World
    • Mid-East
    • Europe
    • Americas
    • Asia Pacific
    • Africa
    • Syrian Crisis
    • İslamophobia
    • Business
    • Automotive
    • Economy
    • Energy
    • Finance
    • Tourism
    • Tech
    • Defense
    • Transportation
    • News Analysis
    • Lifestyle
    • Health
    • Environment
    • Travel
    • Food
    • Fashion
    • Science
    • Religion
    • History
    • Feature
    • Expat Corner
    • Arts
    • Cinema
    • Music
    • Events
    • Portrait
    • Performing Arts
    • Reviews
    • Sports
    • Football
    • Basketball
    • Motorsports
    • Tennis
    • Opinion
    • Columns
    • Op-Ed
    • Reader's Corner
    • Editorial
    • Photo gallery
    • Jobs
    • privacy
    • about us
    • contact us
    • RSS
    © Turkuvaz Haberleşme ve Yayıncılık 2021