Disclosure of Tax Havens and Offshoring Act

This bill would require certain publicly traded companies that belong to large multinational groups to file a report with the Securities and Exchange Commission (SEC) broken down by each tax jurisdiction where they operate. The report would list each business entity in the group, and for each jurisdiction it would show revenues, profit or loss before tax, income tax paid and accrued, capital, accumulated earnings, number of employees, and tangible assets. The SEC would set the revenue threshold for which companies must report, based on U.S. or international standards. The reports would be filed in a machine-readable format and made available to the public online. The SEC would have to issue a final rule within one year, and the requirement would take effect one year after that rule.

Full text and official record on Congress.gov

Sponsors

• Chris Van Hollen Democrat sponsor
• 9 cosponsors