Sunday, 2 June 2013

Sanctions Prohibiting all Investments in Iran

Yesterday (29th of May 2013) sanctions on Iran became tighter.  Canadian citizens should be mindful of their dealings with residents of Iran or listed entities.  One significant tightening of the sanctions in addition to restricting trade was prohibiting investments by a resident of Canada or a citizen of Canada in an entity in Iran.  One new amendment is adding Iran Air to the list of entities that residents of Canada or Canadian citizens cannot have dealing with.  The question is that whether flying by Iran Air is prohibited.

http://www.international.gc.ca/sanctions/iran.aspx

It should be noted that under section 8 the Special Economics Measures Act:

 Every person who wilfully contravenes or fails to comply with an order or regulation made under section 4
·         (a) is guilty of an offence punishable on summary conviction and is liable to a fine not exceeding twenty-five thousand dollars or to imprisonment for a term not exceeding one year, or to both; or
·         (b) is guilty of an indictable offence and is liable to imprisonment for a term not exceeding five years.

for more useful tax information visit www.tavana.ca



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1 comment:

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