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News & Updates

Canada (Ontario) — Working for Workers Seven Act & workplace law updates (2025)

📌 Key Highlights First announced: Ontario introduced the Working for Workers Seven Act, 2025 on May

UK — FCA anti-greenwashing rule (financial sector)

First announced: FCA published finalised non-handbook guidance (FG24/3) and the anti-greenwashing rule guidance around Nov 2023;

EU — DAC8 (crypto & digital asset reporting) transposition deadline

First announced: DAC8 adopted Oct 17, 2023; Member States must transpose it by Dec 31, 2025;

EU (transversal) — Pillar Two / Global Minimum Tax (EU Directive)

First announced: Council Directive (EU) 2022/2523 adopted 14 December 2022 and published in Official Journal 22

EU — DAC9 adopted (administrative cooperation for Pillar Two)

First announced: Council adopted DAC9 on April 14, 2025 (Directive amending Directive 2011/16/EU). Submitted by: NYBACS

Germany — Transfer-pricing “Transaction Matrix” & 30-day filing requirement

First announced: Administrative guidance published in April 2025; the Transaction Matrix requirement is mandatory from Jan

Hong Kong — Adopts Pillar Two (global minimum tax) & stronger TP rules (2025)

First announced: Legislative approval for Pillar Two measures reported May 29, 2025; IRD guidance updated June

Singapore — GST to 9%; e-invoicing & compliance focus

First announced: GST increase announced in Budget 2022 (Minister’s speech on Feb 18, 2022); staged rises

Canada — Marketplaces to issue annual merchant tax reports (example: DoorDash)

First announced: DoorDash published merchant reporting guidance June 16, 2025; CRA rules underpinning this began with

Canada — New reporting rules for digital platform operators (CRA rules)

First announced: Bill containing the rules received Royal Assent June 22, 2023; rules effective Jan 1,

About Us

Founded in 2020, NYBACS has evolved from a company formation provider into the world’s only multi-jurisdictional, complete corporate services company. Through a trusted global network, we deliver tailored solutions in international business advisory, cross-border compliance, tax structuring, entity formation, and mobility. As a US Chamber of Commerce member with an A+ BBB rating, NYBACS helps businesses stay compliant and expand globally with confidence.

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