Disclosure of Tax Havens and Offshoring Act

S 638, the Disclosure of Tax Havens and Offshoring Act, requires large multinational corporations (with annual revenue above a set threshold) to disclose financial data broken down by country or tax jurisdiction. Covered companies must report aggregated revenue, profit, taxes paid, employees, and assets for each tax jurisdiction where they operate, including subsidiaries without a tax residence. The reports, to be submitted in machine-readable format and made publicly available online, must align with U.S. or international standards. This applies to U.S. public companies that are part of multinational enterprise groups meeting the revenue threshold. The bill does not change tax laws but mandates transparency about corporate financial activity across jurisdictions.