U.S. Treasury removes UAE from list of countries cooperating with international boycott
Countries cooperating with international boycott
The U.S. Treasury Department today released for publication in the Federal Register a quarterly list of countries that require (or may require) participation in, or cooperation with, an international boycott (within the meaning of Internal Revenue Code section 999(b)(3)).*
*Section 999(a)(3) directs the Treasury Secretary to maintain and publish, at least on a quarterly basis, a list of countries that require (or may require) participation with an international boycott.
Today’s Treasury release [PDF 143 KB] announces the removal of the United Arab Emirates from the list of countries cooperating with an international boycott. This reflects the first change to the list of countries cooperating with an international boycott in many years.
According to the U.S. Treasury Department, the UAE has been removed from the list because the UAE issued a decree to repeal its legislation mandating a boycott of Israel, and further because of subsequent actions by the UAE government to implement this new policy.
Today’s list is provided under the U.S. international boycott rules of section 999(a)(3), and the countries on the current list are:
- Saudi Arabia
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.