Sec. 111. Country-by-country reporting
429 words·~2 min read·
/bill/113/s/268/is/section-111A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m) is amended by adding at the end the following new subsection: In this subsection— the term issuer group means the issuer, each subsidiary of the issuer, and each entity under the control of the issuer; and the term country of operation means each country in which a member of the issuer group is incorporated, organized, maintains employees, or conducts significant business activities. The Commission shall issue rules that require each issuer to include in an annual report filed by the issuer with the Commission information on a country-by-country basis during the covered period, consisting of— a list of each country of operation and the name of each entity of the issuer group domiciled in each country of operation; the number of employees physically working in each country of operation; the total pre-tax gross revenues of each member of the issuer group in each country of operation; the total amount of payments made to governments by each member of the issuer group in each country of operation, without exception, including, and set forth according to— total Federal, regional, local, and other tax assessed against each member of the issuer group with respect to each country of operation during the covered period; and after any tax deductions, tax credits, tax forgiveness, or other tax benefits or waivers, the total amount of tax paid from the treasury of each member of the issuer group to the government of each country of operation during the covered period; and such other financial information as the Commission may determine is necessary or appropriate in the public interest or for the protection of investors. .
The Securities and Exchange Commission (in this section referred to as the Commission ) shall— not later than 270 days after the date of enactment of this Act, issue a proposed rule to carry out this section and the amendment made by this section; and not later than 1 year after the date of enactment of this Act, issue a final rule to carry out this section and the amendment made by this section. The information required to be provided by this section shall be provided by the issuer in a format prescribed by the Commission, and shall be made available to the public online, in such format as the Commission shall prescribe.
Subsection
(s)of section 13 of the Securities Exchange Act of 1934, as added by this section, shall become effective 1 year after the date on which the Commission issues a final rule under this section.
Connectionstraces to 1
Traces to 1 document
U.S. Code
Citation graph
cites case law
Sec. 111
Country-by-country reporting
Cites 1Cited by 0 across 0 sources