House Bill Could Force Detailed Tax Reports From Multinationals

Large multinational companies would have to disclose country-by-country details of profits, taxes, employees, and tangible assets of their overseas operations under a bill introduced by Rep. Cindy Axne on Thursday.

The Disclosure of Tax Havens and Offshoring Act directs the Securities and Exchange Commission to mandate companies with annual revenues of more than $850 million to file detailed reports with the market regulator. Democratic Representatives Lloyd Doggett (Texas), Stephen Lynch (Mass.), and Jennifer Wexton (Va.) also sponsored the measure.

The House bill comes on the heels of increased pressure from tax fairness advocates that argue large companies should report ...