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House panel approves proposal to require country-by-country financial reporting

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May 26, 2021

The House Financial Services Committee has approved legislation that would direct the Securities and Exchange Commission to require publicly traded corporations with annual revenue of USD 850 million or more to disclose certain tax and nontax information on a country-by-country basis.

These reports would include basic information from a corporation on each of its subsidiaries, and country-by-country financial information that aggregates all of its subsidiaries in each country—including profits, taxes, employees, and tangible assets.

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