Are you ready?
In this tutorial we are going to learn how to configure and modify taxes that are to be applied to the Canadian merchants associated with a particular portfolio. When configured, the taxes are going to be charged to the amount of the fees collected from the merchants. Every tax has an effective date, which is assigned during the configuration process. The effective date cannot be changed after the tax charging has started.
We will use the following parameters as an example (these values are used for training purposes within this tutorial only):
New Tax Rate: 3.50%
Modified Tax Rate: 4.90%
Effective Date: 11/03/2024
State: US New York