Disclosure of Tax Havens and Offshoring Act

The "Disclosure of Tax Havens and Offshoring Act" proposes to amend the Securities Exchange Act of 1934, requiring certain multinational corporations to provide country-by-country financial reporting . This legislation aims to enhance transparency by compelling covered issuers to disclose detailed information about their operations and tax contributions in each jurisdiction where they have a presence. Specifically, the bill mandates that these issuers submit reports to the Securities and Exchange Commission (SEC) containing data for each constituent entity , including its legal name, tax residency, and primary business activities. For each tax jurisdiction, aggregated financial details must be provided, such as revenues, profits or losses before tax, income tax paid, accrued tax expense, stated capital, accumulated earnings, employee count, and net book value of tangible assets. The SEC is tasked with promulgating regulations to implement these reporting requirements, ensuring conformity with United States or international standards. All reported information will be made publicly available online in a machine-readable format , promoting greater public scrutiny of corporate tax practices and potential offshoring activities.