Sales & VAT, Tax Policies

Sales & VAT, Tax Policies for FantasyCraft Market

1. Introduction

Welcome to FantasyCraft Market's Sales & VAT, Tax Policies. The purpose of this policy is to provide clarity on how sales taxes and Value Added Tax (VAT) are applied to transactions on our platform. Given our global outreach, this document serves to ensure that all transactions comply with international and regional regulations.

2. Definitions

• VAT (Value Added Tax): An indirect tax applied to the cost of goods and services at each stage of production or distribution, based on the value added at that stage.

• Sales Tax: A direct tax imposed at the point of sale on retail goods and services.

• Zero-rated supplies: Goods or services that are sold and invoiced with a 0% VAT rate.

• Exempt supplies: Goods or services which are not subjected to VAT or sales tax.

• Taxable entities: Any individual, company, or organization liable to pay tax.

• Tax periods: The regular intervals at which you report your VAT/Sales Tax to your tax authority (usually monthly, quarterly, or yearly).

3. Scope of Sales Tax & VAT

FantasyCraft Market operates on a global scale, serving customers from various regions. As tax laws differ based on location:

• VAT is generally applied in the European Union and many other countries around the world. VAT is added at each stage of the production or delivery process.

• Sales Tax is more common in the United States and some other regions, applied only at the final point of sale.

Our platform employs an automated system within WooCommerce that identifies your location and appropriately sets up the relevant taxes. Please note that the tax amount can vary depending on your specific location. More about how we determine your location and your rights can be found in our Data Transfer & Storage, Cookies Policy, GDPR Compliance Statement, and Privacy Policy.

4. Tax Rates

Due to the dynamic nature of tax rates, which depend on individual regions and can change over time, FantasyCraft Market utilizes a system that automatically recognizes the location of a customer. This ensures that the correct and updated tax rate is applied at the time of purchase.

5. Tax Collection

FantasyCraft Market is responsible for the collection of taxes at the point of sale. Our platform ensures that the relevant tax amount (either VAT or Sales Tax) is added to the purchase based on the customer's location. We are also accountable for remitting these taxes to the appropriate tax authorities.

6. Tax Invoicing

Every transaction on FantasyCraft Market will be accompanied by an invoice that breaks down the cost of the product/service and the corresponding tax amount. This invoice serves as proof of transaction and can be used for tax-related purposes.

7. Digital Products and Services

For customers purchasing digital assets or services, the tax is determined based on your location and applied accordingly.

8. Reverse Charge Mechanism

Within the European Union, the "reverse charge" mechanism can be applied to certain B2B (business-to-business) transactions. Under this mechanism, instead of the seller charging and remitting VAT, it becomes the buyer's responsibility to report and pay the VAT directly to their local tax authorities. However, specific conditions and exceptions may apply depending on the nature of the service or digital goods and the countries involved. Therefore, for B2B transactions within the EU, customers are advised to consult with their local tax consultants or experts to ensure they understand and comply with their specific VAT obligations.

9. Tax Refunds

In the unlikely event that there's an error in tax calculation, customers can reach out to us with the details and necessary proof. After verification, any overpaid amount will be refunded. Please, for such matters, use our info@fantasycraftcommunity.com email.

10. Record Keeping

We maintain a robust record-keeping system that stores transaction data, including tax details, for a specified duration as mandated by tax authorities.

11. Penalties

Non-compliance or evasion of taxes can lead to severe penalties. FantasyCraft Market ensures strict adherence to tax regulations to avoid such consequences.

12. Updates and Amendments

Tax laws and rates are subject to change. We recommend revisiting this policy regularly. Any significant changes will be communicated to our users.

13. Jurisdiction

This Tax Policy is governed by the laws of Slovakia. Disputes related to this policy will be resolved within this jurisdiction.

14. Contact Information

For any queries or concerns regarding our Sales & VAT, Tax Policies, please write to us at: info@fantasycraftcommunity.com.