This bill requires large multinational corporations whose securities are publicly traded in the United States to report detailed financial information on a country-by-country basis. Companies affected are those with annual revenue above a threshold to be set by the Securities and Exchange Commission, and they must disclose information about their business entities in each tax jurisdiction, including revenues, profits, taxes paid, employee counts, and asset values. The SEC must issue a proposed rule within 270 days of enactment and a final rule within one year, with the reporting requirement taking effect one year after the final rule is issued. The data must be provided in a machine-readable format and made available to the public online, allowing transparency regarding where multinational corporations earn profits and pay taxes. This is designed to combat tax avoidance strategies where companies shift profits to low-tax jurisdictions while maintaining operations in higher-tax countries.
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