On 16 June 2021, the U.S. House of Representatives passed the Disclosure of Tax Havens and Offshoring Act as part of a broader package of legislation. As previously reported, the legislation introduces requirements for companies to publicly disclose basic information on their subsidiaries, as well as country-by-country financial information (i.e., the information of CbC reports already required by the IRS for groups with consolidated revenue of USD 850 million). See the following release on the passage from U.S. Representative Cindy Axne (D-IA), who submitted the legislation together with a Senate version by Senator Chris Van Hollen (D-MD) in May 2021....