Managing VAT (Value-Added Tax) and sales tax effectively is crucial for compliance and accurate financial reporting. TWICE allows you to customize tax settings to align with your business's needs and the requirements of your operational jurisdiction.
Here’s how you can adjust VAT and sales tax levels for your TWICE store:
In your TWICE Admin App, navigate to Account > Taxes.
Here, you can Add as many VAT levels as necessary for your business operations.
If your products and services are uniformly taxed, setting up a single VAT level may suffice.
For businesses with items subject to different VAT rates, you can specify multiple VAT levels. Remember to designate one of these as the default tax for ease of processing. Adding descriptive labels to each VAT level can enhance clarity.
Decide on the method for calculating and displaying taxes in your store:
You can include taxes within the listed prices of your products.
Alternatively, choose to exclude taxes from the displayed prices, in which case the applicable tax will be added during checkout.
If your store has multiple VAT levels, choose the correct tax rate for each product in the product's settings by selecting the right tax percentage from the drop-down menu.
You can modify these settings at any time to accommodate changes in tax laws or your product lineup.