Rep. Lloyd Doggett, D-Texas, introduced three pieces of legislation on tax deadline day to end a number of offshore tax breaks for corporations and encourage greater financial transparency.
The Stop Tax Haven Abuse Act aims to close several different loopholes by deterring the use of tax havens for tax evasion and strengthening the enforcement of our tax laws. The bill would also require SEC-registered corporations to report annually on the number of employees, sales, financing, tax obligations and tax payments on a country-by-country basis, shedding more light on the extent of use of tax havens. The bill also would provide additional penalties for failing to disclose offshore holdings and for promoting abusive tax shelters.
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