Name-adding tax improper

FOLLOWING THE RECENT ANNOUNCEMENT by the country's top tax authorities, those intending to add the names of their spouses to their property ownership certificates can now breathe a sigh of relief

On Thursday, the Ministry of Finance and the State Administration of Taxation jointly issued a notice stipulating that no taxes will be imposed when a married couple changes their property registration from sole ownership to joint ownership.

A new judicial interpretation of the Marriage Law by the Supreme People's Court last month, which came into effect on Aug 13, stipulates that real estate purchased prior to a marriage is to be treated as the personal property of the registered owner and should not be considered a joint asset in the event of divorce.