The Department of the Treasury has issued a notice listing countries that may require participation in, or cooperation with, an international boycott. According to the information available, these countries are Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen. This list is set forth under section 999 of the Internal Revenue Code of 1986. Lindsay Kitzinger, the International Tax Counsel for Tax Policy, was involved in the publication of this list.
Simple Explanation
The Department of the Treasury announced a list of countries—Iraq, Kuwait, Lebanon, Libya, Qatar, Saudi Arabia, Syria, and Yemen—that might make others join a group avoiding business with certain other countries, but the notice doesn’t explain why or what people need to do about it.