How Buyers are Informed of Potential Taxes and Duties #
Items sold on SVM may be subject to VAT or sales tax. So Vegan Market informs buyers about these taxes and duties in several ways.
What is VAT?
VAT stands for value-added tax. It’s a tax based on the consumption of goods and services that are commonly found in the EU and select other regions of the world.
VAT is also known as JCT, GST, SST, or QST in some countries.
VAT may be charged to buyers on their purchases (“VAT on Items Sold on SVM”) as well as to eligible sellers on their paid seller fees (“VAT on seller fees”).
When SVM collects and remit taxes #
SVM displays information on items in your store, during the checkout process, and in other relevant places to indicate to buyers when taxes are applicable.
SVM automatically collects and remits applicable taxes at checkout when required by law.
When sellers must collect and remit taxes #
For situations not noted above, sellers are responsible for collecting and remitting tax on their sales, where applicable. If you’re required to charge VAT, GST, or other applicable taxes on the items you sell, it is your responsibility to consider these applicable taxes when pricing your items on SVM.
In cases where physical goods are shipped cross-border between countries or states, please be aware that there may be additional duties and taxes that may apply. This will be the responsibility of the buyer to pay, unless otherwise stated.
To know more about taxes please visit this post.