In this article, we will introduce you to the top 7 best Magento 2 tax extensions to optimize your tax management.
Default Magento 2 Tax Features
By default, Magento 2 allows you to set up 3 different tax classes: customer, product and shipping.
Tax class and tax rate combined define the final tax amount that is calculated during product purchase.
In short, Magento 2 provides you with some basic tax features, but there are still many limitations. So if you need advanced tax features in your store, you must install third-party extensions.
Top 7 Best Magento 2 Tax Extension To Improve Tax Management
It’s common knowledge that different countries/states have different tax policies. However, in the default Magento 2, a product is taxed at the same rate across your entire website, regardless of which stores/store views the customer purchases.
That’s why you need Magento 2 Tax per Store View by BSS to set up specific taxes for each product per store view.
This module allows you to select Store View as the scope of tax class attributes. And it also enables assigning various tax classes for tax rules along with varying rates of tax per store view.
An eCommerce business connects with various customer groups and deploys market segmentation. Because of the differences between customer groups, you should apply different policies for each specific group of customers. And pricing and tax policy is the strongest program attracting customers.
Magento Customer Group Without Tax by BSS allows you to choose which customer groups don’t need to pay taxes and which have to pay taxes when checking out.
It also allows you to not display taxes in product lists for some specific customer groups.
Sales and Use Tax by Exactor instantly enables real-time sales tax calculations that are accurate down to the precise street address where orders are being shipped (domestic and international).
All of the tax rules and tax rates are applied and updated automatically. Thus there is no work required by store owners to set up tax rate tables or maintain them over time.
Moreover, it can easily be configured to ensure that products such as clothing, food, digital goods, etc., that may be subject to reduced or exempt tax rates are taxed appropriately.
The module also tracks tax-exempt entities such as governments, hospitals, schools, resellers, etc., that may be exempt from paying sales taxes and automatically omit them from orders to those customers.
Advanced TaxTools by AccurateTax is the best solution for managing sales tax collection and remittance for your eCommerce website.
After installing, the module helps calculate the right sales tax for each order in your store without you doing anything.
It also helps you file your taxes easily. You can also choose to let AccurateTax manage your entire sales tax lifecycle, including registration, reporting, filing, exemption certificate, etc.
If you want to start an eCommerce business in India, then GST compatibility is a major requirement. However, since GST is a bit complicated to understand, it can be very challenging to calculate it manually.
GST for Magento 2 by Amasty is the solution to help you implement GST rules in your Magento 2 store easily.
This module provides you the possibility to add a GST rate to your products. You can select the product as taxable, specify the rules of taxation and specify the minimum product price for the use of GTS.
It also calculates GST based on shipping/billing address.
Just like the Idina market, when you want to do business in Europe, you need to follow their tax policy tightly.
German Setup by Firegento is the perfect tool for you to enable tax configuration and tax classes for all EU-based countries. It helps automatic assignment of the new tax classes to all products.
EU VAT Enhanced by GeissWeb allows applying the customer tax class based on the billing or shipping address instead of the fixed customer group.
The module enables setting up common VAT configurations in EU countries.
It helps you validate EU VAT numbers at VIES and GB VAT numbers at HMRC.
It also supports Brexit when you sell to customers within the UK.
In this article, we have introduced you to the top 7 best Magento 2 tax extensions to improve your tax management.
We hope this blog is helpful and good luck to you!
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