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VatRate

The decimal rate for calculating the VAT (0.175 = 17.5%).

Required if VatFlag is 0 or 1. Ignored if VatFlag is 2.

Prohibited for microtransactions.

The value of VatRate is the VAT percentage expressed as a decimal value between 0.0 and 1.0. For example, current UK VAT rates are:

Name of Tax	Percentage	What You Assign to VatRate
standard-rate	17.5%	0.175
reduced-rate		0.08
zero-rate	0%	0

 

Setting VatFlag to 2 (VAT exempt) is not equivalent to setting VatRate to 0.0 (zero-rate). If a product is VAT exempt, the seller cannot reclaim VAT paid on raw materials used to create that product. By contrast, if a product is zero-rate, the seller can reclaim VAT paid on raw materials used to create that product.

Consult your local VAT office for the current rates and VAT classification of the products you are selling.

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