Multinationals must reveal where they earn and what they pay in taxes
S. 5019 — Disclosure of Tax Havens and Offshoring Act · Filed by Chris Van Hollen (D-MD) · 9 cosponsors · Introduced Jul 16, 2026 · Referred to committee
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What it does
This bill requires large multinational corporations (those with annual revenue above a threshold set by the SEC) to publicly disclose detailed financial information broken down by country, including revenues, profits, taxes paid, and employee counts in each jurisdiction where they operate. The disclosures would be filed with the SEC and made publicly available in machine-readable format, allowing investors, regulators, and the public to see where corporations earn money and how much tax they pay in each country.
Why we flagged it
The bill's core function is straightforward: mandate public disclosure of country-by-country financial and tax data for large multinationals. It is a transparency and accountability measure, not a tax-rate change or subsidy.
What the text implies
- Public disclosure of country-by-country data may enable tax authorities worldwide to identify profit-shifting patterns and coordinate enforcement, potentially increasing effective tax rates for multinationals without explicit legislative change.
- Competitors and supply-chain partners could use disclosed data to identify corporate vulnerabilities, pricing strategies, or geographic concentration risks, creating competitive intelligence spillover.
The full analysis lists 4 implications of this text.
Who stands to gain
tax authorities and revenue agencies (enforcement capability); activist investors and ESG-focused funds (data for governance pressure); tax-compliance software vendors (increased demand for reporting infrastructure)