Treasury notice - Quarterly list of countries cooperating with international boycott 

August 30:  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 IRC section 999(b)(3)).

IRC 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.


The Treasury’s notice [PDF 198 KB] released today is provided under the U.S. international boycott rules, and contains no new countries and/or removal of countries from the February and May 2013 quarterly lists.


  • Iraq
  • Kuwait
  • Lebanon
  • Libya
  • Qatar
  • Saudi Arabia
  • Syria
  • United Arab Emirates
  • Yemen

KPMG observation

U.S. taxpayers that derive income in connection with participation in or cooperation with an international boycott are subject to special tax rules, including restrictions on their foreign tax credits. U.S. persons (including U.S. tax-exempt organizations) generally must file Form 5713, International Boycott Report, if they have operations in or related to a boycotting country, or with the government, a company, or a national of a boycotting country. The list of boycotting countries is reproduced in the instructions to Form 5713.The list in the instructions was last revised in November 2010. However, the outdated list in the instructions does not include Iraq.




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