Disclosure of Tax Havens and Offshoring Act

Large multinationals must report taxes

This bill would require covered issuers in large multinational groups to file country-by-country tax reports with the SEC. Reports would list each business unit's legal name, tax residence, tax ID, and main business activity. For each tax jurisdiction, reports would give aggregated figures for related-party and other revenues, profit or loss before tax, cash taxes paid, accrued tax expense, stated capital, accumulated earnings, full-time-equivalent employees, and tangible asset book value. The SEC would publish machine-readable rules and data, must propose rules within 270 days and finalize them within one year, and the rule would take effect one year after the SEC issues its final rule. Reports would be due by the covered issuer's tax return due date (including extensions) in the group's resident jurisdiction.