Treasury Publishes Quarterly List of Boycotting Countries
The Treasury Department published in today's Federal Register its quarterly list of list of countries that may require participation in, or cooperation with, an international boycott, as defined by section 999(b)(3) of the Internal Revenue Code of 1986.
Treasury has advised that the following countries may require participation in, or cooperation with, an international boycott: Bahrain, Kuwait, Lebanon, Libya, Oman, Qatar, Saudi Arabia, Syria, United Arab Emirates and Republic of Yemen.
While Iraq was removed from the list of boycotting countries in mid-2003, given that Iraq's sovereignty has recently been restored it is likely that Iraq will be returned to this list in the future. As a result, all transactions with Iraq and the other countries named above should be carefully reviewed for prohibited boycott language.
Labels: Boycotts
|posted by Douglas N. Jacobson| Permalink 
