Disclosure of Tax Havens and Offshoring Act

Increased Transparency: The bill requires "covered issuers" to submit a report to the Commission that includes specific information on constituent entities and tax jurisdictions, such as revenues, profits, and taxes paid (Sec. 2(a)(2)(A)-(B)).

Public Access to Information: The required information must be provided in a machine-readable format that the Commission makes available to the public online (Sec. 2(b)(2)).

Standardized Reporting: The Commission is directed to create regulations that conform to United States or international standards for country-by-country reporting (Sec. 2(a)(2)(E)).

Compliance Requirements for Large Corporations: "Covered issuers," which are members of multinational enterprise groups with annual revenue of at least a certain amount determined by the Commission, must submit detailed reports including legal names, tax jurisdictions, and business activities (Sec. 2(a)(1)-(B)).

Complex Reporting Obligations: Companies must provide aggregated or consolidated information for multiple jurisdictions, including revenues, profit or loss, total income tax paid, and the number of employees (Sec. 2(a)(2)(B)(ii)).

Strict Filing Deadlines: Covered issuers must submit their reports on or before the due date for filing their tax return in the jurisdiction where the multinational enterprise group is resident (Sec. 2(a)(2)(D)).