Government Drops Mysterious List of Boycott Countries
Published Date: 1/3/2025
Notice
Summary
The Treasury just updated the list of countries that might ask businesses to join or help with international boycotts. If you’re a U.S. company dealing with Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, or Yemen, this update matters to you. Watch out for any tax or reporting changes starting now to avoid surprises or penalties!
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
New Treasury Boycott Country List
The Department of the Treasury published a current list of countries that require or may require participation in, or cooperation with, an international boycott under section 999(b)(3) of the Internal Revenue Code. The listed countries are Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen. This notice identifies those countries for purposes of the Internal Revenue Code section 999 boycott rules.
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