US Warns Firms: Boycott Lists Hit Saudi Arabia and Yemen Again
Published Date: 3/4/2025
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 could affect your taxes and reporting. Stay sharp—these rules help keep U.S. businesses honest and avoid penalties starting now!
Analyzed Economic Effects
1 provisions identified: 0 benefits, 1 costs, 0 mixed.
Treasury publishes 8-country boycott list
On March 4, 2025, the Department of the Treasury published, under Internal Revenue Code section 999(a)(3), a list of countries that require or may require participation in or cooperation with an international boycott (within the meaning of section 999(b)(3)). The listed countries are Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen.
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