Senator Carl Levin's bill, Stop Tax Haven Abuse Act, does not seek to limit business activity but rather "simply seeks sunlight," according to Tom Cardamone. The bill requires corporations listed with the U.S. Securities and Exchange Commission to "report their sales, profits, taxes and number of employees for each jurisdiction where the firm operates. Known as country-by-country reporting, this provision would provide far better information on the activities of a company than does an annual consolidated financial statement."
The bill also requires "financial institutions to report to the Internal Revenue Service (IRS) bank accounts opened by offshore entities controlled by U.S. corporations and [requires] reporting to Congress of information related to tax exempt status provided by the IRS. In all, the bill would provide far more transparency than is currently required on the offshore activities of corporations.
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