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13 May 2021

House Financial Services country-by-country tax reporting bill

Committee also approves bills requiring disclosure of climate risks, executive pay increases

The House Financial Services Committee on May 12 reported out six bills, including one that would require the SEC to promulgate regulations requiring larger corporations to disclose country-by-country financial information on each of their subsidiaries, including profits, taxes paid, employees and tangible assets. Other bills in the group would require public companies to annually disclose information relating to risks associated with climate change (HR 2570) and an annual comparison of executive versus non-executive pay increases (HR 1188).

Materials from the markup are available here, and PDFs of the legislative text of the substitute amendments adopted for each bill are attached with this Tax Alert. Additional information is also available in the attached Tax Alert.

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Contact Information
For additional information concerning this Alert, please contact:
 
Washington Council Ernst & Young
   • Will Heyniger (will.heyniger@ey.com)
   • Bob Schellhas (bob.schellhas@ey.com)

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ATTACHMENTS

House Financial Services country-by-country tax reporting bill

HR 166

HR 1188

HR 1443

HR 2570

HR 3007

HR 3009

Document ID: 2021-0973

 

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