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Corporate Tax Transparency and Accountability Act-

**Title: Corporate Tax Transparency and Accountability Act**


**Section 1: Purpose and Intent**


(a) The purpose of this Act is to ensure that corporations operating with an organizational presence in the State of Oregon cannot utilize foreign tax havens to hide assets and evade tax obligations, thus promoting transparency and fair taxation.


**Section 2: Definitions**


(a) "Corporation with an organizational presence" refers to a corporation that conducts business activities within the jurisdiction, including having employees, operations, a physical office or assets regardless of size.

(b) "Foreign tax haven" A jurisdiction that offers preferential tax treatment to attract foreign businesses or individuals seeking to reduce their tax obligations.

(c) “Unlawful tax evasion” The deliberate manipulation of corporate structures, transactions, or financial records to illegally reduce tax liabilities by utilizing foreign tax havens.


**Section 3: Reporting Requirements**


(a) Corporations with an organizational presence shall be required to disclose any ownership or control of assets located in foreign tax havens in their annual financial reporting or at the request of the Department of Revenue.

(b) The disclosure shall include details of assets, their locations, and their value.

(c) The Oregon Department of Revenue shall establish a system to identify corporations potentially engaging in unlawful tax evasion through foreign tax havens.


**Section 4: Penalties**


(a) Failure to comply with the reporting requirements outlined in Section 3 shall result in financial penalties proportional to the value of undisclosed assets. In accordance with ORS 118.260

(b) Penalties collected shall be directed toward government revenue or other programs benefiting the public.


**Section 5: Cooperation with International Authorities**


(a) Jurisdiction authorities shall cooperate with international efforts aimed at identifying and deterring tax evasion involving foreign tax havens.

(b) Information sharing and collaboration with foreign authorities shall be facilitated to ensure the enforcement of this Act.


**Section 6: Legal Action**


(a) Government agencies shall be empowered to take legal action against corporations found to be utilizing foreign tax havens to hide assets for tax evasion purposes.

(b) Legal actions may include fines, asset forfeiture, or other appropriate legal remedies. In accordance with ORS 118.260

(c) The Department of Revenue may work with international authorities to facilitate the recovery of taxes owed as a result of unlawful tax evasion.


**Section 7: Reporting to the public**


(a) The Department of Revenue shall regularly publish reports on actions taken against corporations engaged in unlawful tax evasion through foreign tax havens.

(b) These reports shall provide transparency and information about the effectiveness of the legal action framework.


**Section 8: Coordination with Federal Authorities**


(a) The Department of Revenue may collaborate with federal authorities to share information and coordinate efforts to prevent and address unlawful tax havens.

(b) Any information shared with federal authorities shall adhere to appropriate privacy and legal safeguards.


**Section 9: Effective Date**


This Act shall take effect 120 days after being signed into law.

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