Disclosure of Tax Havens and Offshoring Act

Hozzl · 2024-02-05T19:36:05Z

Explore the details of Senate Bill 638 Disclosure of Tax Havens and Offshoring Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

2/5/2024, 7:36 PM

Congressional Summary of S 638

Disclosure of Tax Havens and Offshoring Act

This bill requires certain members of a multinational enterprise group that are also issuers of securities to annually disclose information related to the tax jurisdiction, income, and assets of their constituent entities on a country-by-country basis. (Multinational enterprise groups have two or more entities with different tax jurisdictions.)

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Current Status of Bill S 638

Bill S 638 is currently in the status of Bill Introduced since March 2, 2023. Bill S 638 was introduced during Congress 118 and was introduced to the Senate on March 2, 2023. Bill S 638's most recent activity was Committee on Banking, Housing, and Urban Affairs. Hearings held. as of September 12, 2023

Bipartisan Support of Bill S 638

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 638

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

Administrative law and regulatory proceduresForeign and international corporationsSecuritiesSecurities and Exchange Commission (SEC)Tax administration and collection, taxpayersTaxation of foreign income

Alternate Title(s) of Bill S 638

Disclosure of Tax Havens and Offshoring ActDisclosure of Tax Havens and Offshoring ActA bill to amend the Securities Act of 1934 to require country-by-country reporting.

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