Bill > HR3007

This bill, known as the Disclosure of Tax Havens and Offshoring Act, amends the Securities Exchange Act of 1934 to require country-by-country reporting. The key provisions are: 1) Defines "covered issuers" as members of multinational enterprise groups with annual revenue exceeding a certain threshold set by the Securities and Exchange Commission (SEC). 2) Requires covered issuers to file a report with the SEC that includes detailed financial information (e.g., revenues, profits, taxes paid, etc.) for each tax jurisdiction in which they operate. This information must be provided in a machine-readable format. 3) Sets deadlines for the SEC to issue proposed and final rules to implement the country-by-country reporting requirements, and specifies that the new reporting obligations will take effect one year after the SEC issues the final rule. The purpose of this bill is to increase transparency around the financial activities and tax practices of large multinational corporations, particularly in relation to their use of tax havens and offshoring of operations.

Business and Industry

https://www.congress.gov/bill/117th-congress/house-bill/3007/all-info