Democrats Renew Push to Disclose Country-by-Country Tax Details

Senate Democrats reintroduced a bill Thursday that would compel large multinational companies to reveal in their financial statements country-by-country information on business details that include profits, taxes, and tangible assets.

The bill, once again sponsored by Sen. Chris Van Hollen (D-Md.) and co-sponsored by 10 Senate Democrats, comes ahead of a US accounting standard-setter proposal that will call on companies to disclose more tax details in their financial statements, including tax obligations by major jurisdiction.

Van Hollen introduced the first version of the bill in 2019, with a House version getting introduced in 2020.

Lawmakers hope ...