Financing, tax rates, and accounting
I am having a hard time with setting up Taxes for my new store. Our company is based in EU (Latvia), and we are planning on selling products worldwide. I found one very clear video on YouTube where it is explained how to set up Taxes properly in Shopify, however, in that video the person was suggesting to show prices without Tax in store and apply Taxes during the checkout process when visitor selects the country. Although I understand that it is a proper way of doing it, I feel like it will have a negative impact on the sales of our upcoming store, because the final price (at the checkout) will be much higher than the price presented on the product page (since the Tax will be added to the price of the product). I personally think that it is better to include the tax to the price of the product at the beginning and make changes to the final price at the Checkout process, if needed. I saw that this is done on one of the websites, namely: https://www.monoware.com/pages/delivery-returns (they apply UK tax of 20% to all the products, and if the customer is not from the United Kingdom, let's say from the EU, than the TAX is deducted at the checkout process. This is what I would like to achieve, but I am not entirely sure how to do it in the settings of my store. Maybe someone could give me advice on how to deal with this issue and how to setup Taxes properly?
It's been quite some time since you've posted this, but I am happy to share some useful links for you!
Feel free to have a look at our Guide on setting up EU taxes for Shopify stores. We also have an article regarding including and excluding prices in Shopify.
And if you have any questions about invoicing, we got your back! 🙂
Lenka from Sufio
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