This blog was last updated on June 26, 2021
Did you know these retail facts? They could be affecting your business! The retail industry is a major source of revenue for taxing authorities and companies operating in this space must be particularly careful when it comes to small details. There are certain everyday occurrences that may not be at the forefront of a retailer’s mind that could have implications on their business. For example: • If you have a café or food concession stand you may be responsible for collecting and remitting meals tax • If you charge an extra fee associated with a layaway special taxability rules will apply These may seem like insignificant facts, but we can assure you that they matter. At Sovos Compliance, our Tax Team constantly monitors regulatory quirks like these to ensure our retail clients have the content they need to simplify compliance. Want to learn about a few more retail oddities you might be missing? Click here to download our “Top Ten Retail Oddities” infographic and learn some fun facts about the retail industry today. For more information about how Sovos Compliance can help you simplify your sales tax challenges, visit our retail resource page or contact us at info@sovos.com.
