The Bureau of Industry and Security (BIS) of the U.S. Commerce Department may grant a license exception for U.S. companies exporting certain items to Cuba when such items having the purpose of:
Prior to January 16, 2015 (the date of publication of the revised rules in the Federal Register), any export or re-export of products to Cuba subject to the EAR would require a license from BIS, and generally, applications for export licenses for trade with Cuba were denied.
As part of the U.S. government’s efforts to chart a new course in bilateral relations with Cuba, BIS has implemented a new license exception (known as “support for the Cuban people” or SCP) that, among other changes to the EAR, authorizes the export of certain items that fall under new exception.
Major elements of these changes, in the revised regulations, are specifically aimed as “support for the Cuban people” and include:
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in 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.