Court Applies Anti-Foreign Sanction Law For First Time
A Chinese court applied the Anti-Foreign Sanctions Law (AFSL) for the first time to reject a foreign party’s defense to a breach of contract.
In the News: First Anti-Foreign Sanctions Judgment; Offshore Trusts Taxation; and China Banks Launch Repo Rate Loans
First Chinese judgment rejects foreign sanctions on Chinese party as defense for contract breach | Chinese tax-residents must pay income tax on gains of assets transferred to offshore trusts | Three major Chinese banks issue first loans using interbank repo rates as a pricing benchmark
By Jeffrey Tse