Treasury has removed the United Arab Emirates (UAE) from its quarterly “List of Countries Requiring Cooperation With an International Boycott.” The removal of UAE was published on April 8, 2021 (Notice 2021-07244), and is the first change to the list in years.
Treasury is required under Section 999(b)(3) to publish a quarterly list of countries that require or may require participation in or cooperation with an international boycott. U.S. persons that have operations in or related to a boycotting country, or with the government, a company, or a national of a boycotting country may need to file a Form 5713, International Boycott Report. Failure to report this information related to a boycotting country can carry various penalties, such as criminal, financial, and loss of foreign tax attributes.
The list has generally only included certain Arab League nations boycotting Israel. Removal of the UAE follows the formal repeal of the UAE’s boycott of Israel in August 2020 and the subsequent actions that the UAE government has taken to implement the new policy.
David E. Sites
David leads the firm's International Tax practice, which focuses on global tax planning, cross border merger and acquisition structuring, and working with global organizations in a variety of other international tax areas.
Washington DC, Washington DC
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