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Chinese couples use divorce to dodge new 20 percent tax
Question of the Day
China’s taxes are apparently so high that they’re driving couples to divorce.
The country has imposed a new tax aimed at curbing skyrocketing housing cost increases that takes 20 percent of profits from home sales. The law exempts couples with more than one property who have divorced, Agence France-Presse reports.
In those cases, the couple each gets ownership of one property. They then can sell the properties tax-free, AFP reports. The law even allows them to remarry without facing any tax punishment.
Couples are rushing to exploit the law before the new tax takes effect, AFP reports.
“They [couples] appear to be in good moods,” one official involved in China’s divorce proceedings said in the AFP article. “More than half said frankly that they wanted a divorce for the sake of property.”
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About the Author
Cheryl Chumley is a continuous news writer for The Washington Times. Previously, she was part of the start-up team for The Washington Times’ digital aggregation product, Times247. She’s also a 2008-2009 Robert Novak journalism fellow with The Phillips Foundation. She can be reached at firstname.lastname@example.org.
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