Disclosure of Tax Havens and Offshoring Act

The Disclosure of Tax Havens and Offshoring Act would require large public corporations to provide a detailed annual report of their financial activities in every country where they operate. Instead of reporting global totals, companies would have to disclose specific data for each jurisdiction, including their total profits, taxes paid, number of employees, and accumulated earnings.

For the public, this legislation is designed to increase transparency regarding how multinational corporations use offshore tax havens and shift jobs or profits overseas. By making this information available to the Securities and Exchange Commission (SEC), the bill aims to help investors and citizens better understand the tax strategies and potential financial risks of major companies.