Setting Up VAT/Sales Tax
Option 1: Sync with Shopify
If you already have VAT/Sales tax in your shopify store, you can automatically sync those data into the app. The app will automatically extract the tax data from your store into the final profit calculation.
Option 2: Manually input the VAT/Sales Tax percentage
If not, you can manually input the VAT/Sales tax percentage that you are being charged into the custom field in the dashboard (seen below).
Afterwards, press the save button.
The tax amount will be calculated on the percentage inputted out of the total transaction/revenue of the store.
E-commerce is a global industry and we all live in different countries. If you do not know what your country’s taxes are here, we have linked a few of the country’s tax laws below for ecommerce for reference (apologies if we missed out your country, updated 14th April 2020):
Shopify Guide to online sales tax: https://www.shopify.com/enterprise/online-sales-tax-ecommerce
European Union: https://www.webinterpret.com/au/blog/vat-ecommerce-europe-guide/
United States: https://quaderno.io/blog/us-sales-tax-for-ecommerce-how-to-comply/
Please consult your tax accountant for advice, MagmaCharts does not give tax advice.