Executive Order 11071—Designation of Certain Foreign Countries as Economically Less Developed Countries for Purposes of the Revenue Act of 1962

By virtue of the authority vested in me by section 955 (c) (3) of the Internal Revenue Code of 1954, as added by section 12(a) of the Revenue Act of 1962, approved October 16, 1962 (Public Law 87-834, 76 Stat. 1015), by section 301 of title 3 of the United States Code, and as President of the United States, it is hereby ordered as follows: SECTION 1. Economically less developed countries. For purposes of subpart A (sec. 901 and following) and subpart F (sec. 951 and following) of part III of subchapter N, and section 1248 of part IV of subchapter P, of chapter 1 of the Internal Revenue Code of 1954, the following areas are designated as economically less developed countries: ( a ) all foreign countries (including Trust Territories ) in existence on or after December 31, 1962, other than Australia, Austria, Belgium, Canada, Denmark, France, Federal Republic of Germany, Italy, Japan, Liechtenstein, Luxembourg, Monaco, Netherlands, New Zealand, Norway, Union of South Africa, San Marino, Spain, Sweden, Switzerland, United Kingdom, and any foreign country within the Sino-Soviet bloc, as defined in section 2; (b) each territory, department, province, and possession (other than Hong Kong) of any foreign country in existence on or after December 31, 1962, other than of a foreign country within the SinoSoviet bloc, as defined in section 2, if the territory, department, province, or possession is overseas from the foreign country of which it is a territory, department, province, or possession; and (c) the Commonwealth of Puerto Rico and all possessions of the United States. SEC. 2. Definition of the term "foreign country within the SinoSoviet bloc". For purposes of this Order, the term "foreign country within the Sino-Soviet bloc" shall mean Albania, Bulgaria, any part of China which is dominated or controlled by International Communism, Cuba, Czechoslovakia, Estonia, Hungary, any part of Korea which is dominated or controlled by International Communism, Latvia, Lithuania, Outer Mongolia, Poland (including any area under its provisional administration ), Rumania, Soviet Zone of Germany and the Soviet Sector of Berlin, Tibet, Union of Soviet Socialist Republics and the Kurile Islands, Southern Sakhalin, and areas in East Prussia which are under the provisional administration of the Union of Soviet Socialist Republics, and any part of Viet-Nam which is dominated or controlled by International Communism. SEC. 3. Rules and regulations. The Secretary of the Treasury or his delegate is authorized to prescribe from time to time regulations, rulings, directions, and instructions to carry out the purposes of this Order. SEC. 4. Effective date. This Order shall become effective December 31, 1962. JOHN KENNEDY THE WHITE HOUSE, December 27, 1962