Disclosure of Tax Havens and Offshoring Act
A bill to amend the Securities Act of 1934 to require country-by-country reporting.
The bill, SB5019, proposes to update the Securities Act of 1934 by requiring companies to report detailed financial information on a country-by-country basis. This means companies would have to disclose where they make their profits, where they pay taxes, and how much they spend in each country. This information would be used to increase transparency and help regulators better monitor financial activities across the globe.
If passed, this bill would affect large companies that operate in multiple countries. They would need to provide detailed financial reports that show their operations in each country, making it easier to track where money is being made and spent. This could lead to better regulation and potentially reduce tax avoidance by multinational corporations.
As of July 16, 2026, the bill has just been introduced and referred to the Committee on Banking, Housing, and Urban Affairs. The next steps include committee review, potential amendments, and a vote before it can move forward in the legislative process. Key sponsors include Chris Van Hollen, who is the primary sponsor, and other prominent senators from both parties.
