There is a planned VAT increase from 15% to 15.5% , effectively 1 May , 2025 in South Africa.
I need to ensure that the Shopify store correctly accounts for this.
The following is configured on Shopify (Settings > Taxes and Duties):
Regional settings, the South Africa region is selected, and a 15% rate entered.
Global settings, the ‘Includes sales tax in product price and shipping rate’ is selected.
I thus assume that on 1 May 2025, the only thing that needs to change is the 15% in the Regional settings, upwards to 15.5%?