Bill > S1545

This bill, the Disclosure of Tax Havens and Offshoring Act, amends the Securities Exchange Act of 1934 to require country-by-country reporting from covered issuers, which are members of multinational enterprise groups with annual revenue exceeding a certain threshold. The bill defines key terms like "constituent entity" and "tax jurisdiction," and requires covered issuers to file reports with the Securities and Exchange Commission (SEC) containing detailed financial information, such as revenues, profits, taxes paid, and assets, aggregated or consolidated for each tax jurisdiction in which the issuer has operations. The SEC is directed to issue proposed and final rules to implement the reporting requirements within specified timeframes, and the reporting obligations will become effective one year after the final rule is issued.

Housing and Urban Affairs

https://www.congress.gov/bill/117th-congress/senate-bill/1545/all-info