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Increased Financial Transparency: Ending Tax Haven Secrecy for Large Corporations.

New rules require large companies to disclose where and how much they earn and pay taxes in each country. This aims to increase transparency and make it harder to avoid paying taxes, potentially leading to fairer tax burdens for all citizens.
Key points
Large multinational companies will have to publicly report their income, profits, and taxes paid in every country where they operate.
This information will be available online for everyone, allowing citizens and regulators to better track corporate financial flows.
The goal is to limit the ability to hide profits in tax havens, which could increase government revenue.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_1545
Sponsor: Sen. Van Hollen, Chris [D-MD]
Process start date: 2021-05-11
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Disclosure of Tax Havens and Offshoring Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_1545.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-05-11.

What are the main provisions?

Key points include:

  • Large multinational companies will have to publicly report their income, profits, and taxes paid in every country where they operate.
  • This information will be available online for everyone, allowing citizens and regulators to better track corporate financial flows.
  • The goal is to limit the ability to hide profits in tax havens, which could increase government revenue.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Van Hollen, Chris [D-MD].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Taxes Economy