Disclosure of Tax Havens and Offshoring Act

Key Provisions

• Would require large multinational companies to report detailed financial and tax information for each tax jurisdiction they operate in.
• Would define "covered issuers" as multinational groups with annual revenue above an amount set by the Securities and Exchange Commission (SEC).
• Would require these reports to include details like revenues, profits, taxes paid, number of employees, and assets for each tax jurisdiction.
• Would make these tax jurisdiction-by-tax jurisdiction financial reports publicly available online in a computer-readable format.
• Would direct the Securities and Exchange Commission to create new rules for this reporting within one year of the bill becoming law.