Important: Before following this guide you must create a new Tax Category. To do so follow the guide How to Create a New Tax Category.
What is a Tax Rate in Okya?
A Tax Rate in Okya defines the percentage or fixed amount of tax applied to specific products or services within a Tax Category. Businesses can configure tax rates for various purposes, including Sales Tax, VAT, Alcohol Tax, and Industry-Specific Taxes, ensuring compliance with local tax regulations.
The elements for Tax Rates are defined below.
Element | Description |
Name (required) | The official name of the tax rate (e.g., VAT 10%, Alcohol Tax 15%). |
Rate (required) | The percentage of tax applied (e.g. 10%). |
Tax Category (required) | The broader tax classification this rate belongs to (e.g., Sales Tax, VAT, Alcohol Tax). |
Start Date | The date when the tax rate becomes active; if left blank, it remains active indefinitely. |
End Date | The date when the tax rate expires; leave blank for no expiration. |
Level | Determines if the tax applies at the item level (per product) or order level (total order amount). |
Included In Price Toggle | A toggle indicating if the tax is included in the product price or added separately at checkout.
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How to Create a New Tax Rate
1. Introduction
From accessing the settings to saving the newly configured tax rate, follow the precise instructions provided to create a new tax rate.
2. Click "Settings"
Access the Settings menu.
3. Click "Tax Rates"
Navigate to the Tax Rates section.
4. Click "New Tax Rate"
Click the "New Tax Rate" button.
5. Input New "Tax Rate" Details
Enter Details for the new Tax Category. For this example the following information is appropriate:
Name: Bangkok Alcohol Tax
Rate: 12%
Tax Category: Alcohol Tax
Start Date: 01/01/2024
End Date: (Leave blank for no expiration)
Level: Item
Included in Price: Toggle On (Tax is already included in the item price)
6. Click "Save"
Finalize and save the changes.
This guide covered the steps to successfully create a new tax rate in Okya.