Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Disclosure of Tax Ha-
vens and Offshoring Act’’. 
SEC. 2. COUNTRY-BY-COUNTRY REPORTING. 
(a) COUNTRY-BY-COUNTRY REPORTING.—Section 13 of 
the Securities Exchange Act of 1934 (15 U.S.C. 78m) is 
amended by adding at the end the following new subsection: 
‘‘(s) DISCLOSURE OF FINANCIAL PERFORMANCE ON A 
COUNTRY-BY-COUNTRY BASIS.— 
‘‘(1) DEFINITIONS.—In this subsection— 
‘‘(A) the term ‘constituent entity’ means, 
with respect to a covered issuer, any separate 
business entity of the covered issuer; 
‘‘(B) the term ‘covered issuer’ means an 
issuer who— 
‘‘(i) is a member of a multinational 
enterprise group; and 
‘‘(ii) 
the 
multinational 
enterprise 
group of which the issuer is a member has 
annual revenue for the preceding calendar 
year of not less than an amount determined 
by the Commission to conform to United 
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States or international standards for coun-
try-by-country reporting; and 
‘‘(C) the term ‘tax jurisdiction’— 
‘‘(i) means a country or a jurisdiction 
that is not a country but that has fiscal au-
tonomy; and 
‘‘(ii) includes a territory or possession 
of the United States that has fiscal auton-
omy. 
‘‘(2) DISCLOSURE.— 
‘‘(A) IN
GENERAL.—Each covered issuer 
shall file a report with the Commission that in-
cludes information described in subparagraph 
(B), and any other information required by the 
Commission, with respect to the reporting period 
described in subparagraph (C). 
‘‘(B) INFORMATION REQUIRED.—The infor-
mation described in this subparagraph is as fol-
lows: 
‘‘(i) CONSTITUENT
ENTITY
INFORMA-
TION.—Information on the constituent enti-
ty, including the following: 
‘‘(I) The complete legal name of 
the constituent entity. 
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‘‘(II) The tax jurisdiction, if any, 
in which the constituent entity is resi-
dent for tax purposes. 
‘‘(III) The tax jurisdiction in 
which the constituent entity is orga-
nized or incorporated (if different from 
the tax jurisdiction of residence). 
‘‘(IV) The tax identification num-
ber, if any, used for the constituent en-
tity by the tax administration of the 
constituent entity’s tax jurisdiction of 
residence. 
‘‘(V) The main business activity 
or activities of the constituent entity. 
‘‘(ii) TAX JURISDICTION.—Information 
on each tax jurisdiction in which one or 
more constituent entities is resident, pre-
sented as an aggregated or consolidated 
form of the information for the constituent 
entities resident in each tax jurisdiction, in-
cluding the following: 
‘‘(I) 
Revenues 
generated 
from 
transactions with other constituent en-
tities. 
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‘‘(II) Revenues not generated from 
transactions with other constituent en-
tities. 
‘‘(III) Profit or loss before income 
tax. 
‘‘(IV) Total income tax paid on a 
cash basis to all tax jurisdictions. 
‘‘(V) Total accrued tax expense re-
corded on taxable profits or losses. 
‘‘(VI) Stated capital. 
‘‘(VII) Total accumulated earn-
ings. 
‘‘(VIII) Total number of employ-
ees on a full-time equivalent basis. 
‘‘(IX) Net book value of tangible 
assets, which, for purposes of this sec-
tion, does not include cash or cash 
equivalents, intangibles, or financial 
assets. 
‘‘(iii) SPECIAL RULES.—The informa-
tion listed in clause (ii) shall be provided, 
in aggregated or consolidated form, for any 
constituent entity or entities that have no 
tax jurisdiction of residence. In addition, if 
a constituent entity is an owner of a con-
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stituent entity that does not have a jurisdic-
tion of tax residence, then the owner’s share 
of such entity’s revenues and profits will be 
aggregated or consolidated with the infor-
mation for the owner’s tax jurisdiction of 
residence. 
‘‘(C) REPORTING
PERIOD.—The reporting 
period covered by this paragraph is the period of 
the covered entity’s applicable financial state-
ment prepared for the 12-month period that ends 
with or within the taxable year of the covered 
issuer. If the covered issuer does not prepare an 
annual applicable financial statement, then the 
reporting period covered by this paragraph is the 
12-month period that ends on the last day of the 
taxable year of the covered issuer. 
‘‘(D) FILING
DEADLINE.—Each covered 
issuer shall submit to the Commission a report 
required under this section on or before the due 
date (including extensions) for filing that covered 
issuer’s tax return in the tax jurisdiction in 
which the covered issuer’s multinational enter-
prise group is resident. 
‘‘(E) REGULATION.—The Commission shall, 
in consultation with the Commissioner of the In-
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ternal Revenue Service and Secretary of the 
Treasury— 
‘‘(i) promulgate regulations carrying 
out this subsection that conform to United 
States or international standards for coun-
try-by-country reporting, including regula-
tions promulgated by the Internal Revenue 
Service; and 
‘‘(ii) require disclosure of the account-
ing methods used in calculating the infor-
mation contained in each report filed pur-
suant to this subsection.’’. 
(b) RULEMAKING.— 
(1) DEADLINES.—The Securities and Exchange 
Commission (in this section referred to as the ‘‘Com-
mission’’) shall— 
(A) not later than 1 year after the date of 
enactment of this Act, issue a proposed rule to 
carry out this section and the amendment made 
by this section; and 
(B) not later than 18 months after the date 
of enactment of this Act, issue a final rule to 
carry out this section and the amendment made 
by this section. 
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(2) DATA FORMAT.—The information required to 
be provided by this section shall be provided by the 
issuer in a report in a machine readable format pre-
scribed by the Commission, and such report shall be 
made available to the public online, in such machine 
readable format as the Commission shall prescribe. 
(3) EFFECTIVE DATE.—Subsection (s) of section 
13 of the Securities Exchange Act of 1934, as added 
by this section, shall become effective 1 year after the 
date on which the Commission issues a final rule 
under this section. 
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Union Calendar No. 35 
117TH CONGRESS 
1ST SESSION 
H. R. 3007 
[Report No. 117–52] 
A BILL 
To amend the Securities Act of 1934 to require 
country-by-country reporting. 
JUNE 8, 2021 
Reported with an amendment, committed to the Com-
mittee of the Whole House on the State of the Union, 
and ordered to be printed 
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