International Boycott Country List Updated by State
April 2007
In late March, 2007, the Department of Treasury released the most current list of countries which require, or may require, cooperation with an international boycott within the meaning of section 999(b)(3) of the Internal Revenue Code of 1986.
The list includes:
- Kuwait
- Lebanon
- Libya
- Qatar
- Saudi Arabia
- Syria
- United Arab Emirates
- Yemen
Republic of Iraq is not on this list but its status is currently under review by the Department of Treasury and it may be added in the future.
BOTTOM LINE:
The Treasury Department’s list is related to the antiboycott issues for companies who claim foreign tax credits when they file their tax returns, and does not legally have a direct link to the comprehensive antiboycott rules in the Export Administration Regulations. As a practical matter, however, for EAR compliance US persons (as defined the EAR antiboycott rules) should focus their antiboycott compliance resources on transactions and activities involving the above-listed countries who actively participate in the Arab League’s secondary and tertiary boycotts against Israel.
Source:
- Federal Register - April 3, 2007 (Volume 72, Number 63, Page 15934)
